I bought this book the other day - it takes a while to get across its point, and it wasn't written by a trader, but a commentator / research consultant.. pretty good book though. Might address you're question better.. http://insurancenewsnet.com/article.aspx?id=263152 http://thevegafactor.com/
The difference between them and you, is this what you want to know? Like, could I just go surf in the morning, nap during the day and simply do my delta hedging at the close and profit from it? The answer is most likely not. Why? Transaction fees (institutional rate vs retail). This is the only difference between them and you, period. I call this comish arbitrage. Guys in banks think they are genius doing this or arbing some futs versus the cash. Their profit on average is smaller than the comish we pay as retail so there is no way we can do it and there is no way they can do it at home.
question maybe how to profit from it assuming that bank traders know something. The way to sell volatility is sell straddles and strangles. But todays implied volatility in crude oil was about 30. yearly high/low was 42/25. Since it is in the low 30% of volatility yearly range (closer to yearly low than high), I dont think it may be a very good move.