I'm trying to get some ideas for the best market strategies for some common market scenarios. For example, in the stock indices, tops almost always seem to be accompanied by low implied vol, and the resultant selloffs are accompanied by increasing IV. Bottoms on the other hand have high IV, and the subsequent rallies, whilst volatile in their early stages, are accompanied by collapsing IV. In both cases, at potential reversal points, you want to be long gamma, but at tops you want to be long implied vol, and at bottoms you want to be short it. So for stocks, I'm looking at: Tops: Buy ATM and somewhat OTM puts Bear spreads (long ATM) Bottoms: Short ATM puts, buy OTM calls Sell bullish time spreads Bull spreads (short ATM) Do these strategies sound ok, and are there any better strategies I have missed? Would diagonal spreads be worth using?