the theory is easy, but how is it done in practice? i ask because from everything i read about it you buy an option with a low vol, and expect to capture profit by trading the delta around the option position. but how often do you trade? do you set a vol level that you trade at? ex: if you bought at 20 vol, do you calc levels to trade based on 25 vol? i'm in options marketing, but the traders next to me are vol traders. they buy cheap vol, sell rich vol, and then leave the delta hedging to another guy whose job it is to delta hedge everything. how does he know when to trade? and what about when you have more than 1 option position in a name: options far up the skew for example? how do you average out the target vol? thanks in advance for help. if there's anything else i should i know pls post it.