Maybe for LEAPS and on extreme levels ( 1,2,9,10) , but what about short term options ? I watched the VIX slowly drift from mid 40th to low teens ( and stay there for a while) during last five years. Trader who shorted vols was a big winner , regardless at which deciles he did it. Stock's price action was LEADING the vols action , stock with IV of 60 (let's say 7 decile level) moved only 50 HV , then next month its IV got down to 50 , but HV to 40. So stock constantly moved LESSER that its relative IV (premium collected covered price movement). Vols sellers were big winner even at 2 and 3 deciles. Will opposite happen now if VIX will continue to rise ? Yes , one getting larger premium for shorting , but is it enough to cover Gamma risk ? Will vise versa scenario (sold IV of 50 , BUT stock moved like 55)repeat itself ? Time will tell .