IV Rank Strategies

High IV Rank - over 50%

• Sell premium and bank on vol contraction
• Short OTM credit spreads
• If bullish, short put spreads
• If bearish, short call spreads
• If neutral, short strangles and iron condors

Low IV Rank - under 50%

• Buy premium and bank on vol expansion
• OTM debit spreads have negative time decay!
• Buy ATM debit spreads for less than intrinsic value to see positive theta