Say the view in vol language

“BTC will pump” is direction. “Front-week IV is too high versus recent realized and versus the monthly” is vol. You can hold both views at once, but the structure should match the one you will actually get paid for.

IV percentile and rank on /t/{asset}/iv-percentile show where current ATM IV sits in a sample — not a crystal ball, a location. VRP (IV minus RV) on /t/{asset}/iv-rv-vrp frames whether sellers have been paid recently. Past VRP is not future VRP.

Long vol (you think options are cheap or a move is coming)

Long straddle/strangle: you need a realized move and/or IV expansion bigger than what you paid, after theta and spreads. Long call or put only: you also need direction. Long calendar (long back, short front) is a term-structure view, not a raw “vol up” button.

Buying vol into an already inverted, event-rich front is often buying the expensive clock. Check /t/{asset}/term first.

Short vol (you think options are rich)

Short strangles and iron condors collect premium if realized stays inside the wings and IV does not explode. They lose when the market trends or gaps. Defined-risk wings are how learners keep the idea without unlimited short-call pain. Naked short vol on crypto is a professional sport with liquidation rules.

Selling because IV percentile is “high” without looking at the event calendar is a common way to donate premium to the event.

Surface views: skew and term

Risk reversals express skew: typically long puts / short calls or the reverse. Calendars express term. If you only look at ATM IV you will miss that the “cheap” side might be the call wing while puts are bid for crash demand.

Skew desk: /t/{asset}/skew. Do not assume equity-style crash skew always; crypto skew changes with the regime.

Delta noise

Even “pure vol” structures pick up delta as spot moves. Dealers hedge; you can too, or you can accept the drift. How-to-delta-hedge covers the mechanics. If you will not hedge, admit the trade is a mix of vol and direction.

Gamma near expiry will fight you if you are short ATM into a pin that fails.

Practice this on OptionsMatch

Stack /t/btc/iv-percentile, /t/btc/term, /t/btc/skew, /t/btc/iv-rv-vrp, then simulate on /t/btc/strategy. Execute only on a venue from /venue that lists the legs you need as a combo if possible.

Research framing only.