"sell options when volatility high?"
Is'nt the above misleading? because from what i just read.. when volatility decreases the ITM options will gain delta moving towards 100 and OTM options will loss delta moving towards zero.
If today I sell ITM options when volatility is high and tomorrow the volatility collapses..i will lose money?!?
Why cant we say something like
If all else is expected to remain the same:
A decrease in volatility is expected. sell OTM options
An increase in volatility is expected. sell ITM options