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+CHAPTER 39 
+Volatility Trading Techniques 
+The previous three chapters laid the foundation for volatility trading. In this chapter, 
+the actual application of the technique will be described. It should be understood 
+that volatility trading is both an art and a science. It's a science to the extent that one 
+must be rigorous about determining historical volatility or implied volatility, calculat­
+ing probabilities, and so forth. However, given the vagaries of those measurements 
+that were described in some detail in the previous chapters, volatility trading is also 
+something of an art. Just as two fundamental analysts with the same information 
+regarding earnings, sales projection, and so on might have two different opinions 
+about a stock's fortunes, so also can two volatility traders disagree about the potential 
+for movement in a stock. 
+However, volatility traders do agree on the approach. It is based on comparing 
+today's implied volatility with what one expects volatility to do in the future. As noted 
+previously, one's expectations for volatility might be based on volatility charts, pat­
+terns of historical volatility and implied volatility, or something as complicated as a 
+GAR CH forecasting model. None of them guarantees success. However, we do know 
+that volatility tends to trade in a range in the long run. Therefore, the approach that 
+traders agree upon is this: If implied volatility is "low," buy it. If it's "high," sell it with 
+caution. So simple: Buy low, sell high (not necessarily in that order). The theory 
+behind volatility trading is that it's easier to buy low and sell high (or at least to deter­
+mine what's "low" and "high") when one is speaking about volatility, than it is to do 
+the same thing when one is talking about stock prices. 
+Most of the time, implied volatility will not be significantly high or low on any 
+particular stock, futures contract, or index. Therefore, the volatility trader will have 
+little interest in most stocks on any given day. This is especially true of the big-cap 
+stocks, the ones whose options are most heavily traded. There are so many traders 
+812