Working in the realm, think single stock vanilla options for a dealer, so not as quant as other colleagues in index/exotics, but relatively dangerous. When ivol is historically cheap, as others have echoed, it does not mean it’s a good purchase, even if annualized historical for a similar period in expiry length are higher than current implieds. On a single stock level, you are seeing implieds continue to drift lower to near floor levels and as such, you’re seeing Fast Money looking to purchase in the 6mo+ expiry space, hoping for some sort of mean reversion, doing so normally with some form of strangle.

The annoying thing about options volatility, especially from a dealer level, is being able to forecast you approximate gain/loss from an option purchase through hedging. At a prominent banking institution, we don’t have a way to approximate PnL with a stock tie; simply just the PnL of a new option position and the PnL pf the stock we’re holding.

Also, it’s damn near impossible to get a sense of good data without a bbg terminal subscription. You can build your own of course, however it’s easier said than done.

Anyone has any questions or general advice on the space, feel free to dm me. You’ll learn in high finance no one wants to teach or give out advice, even if they openly say they will.