I'll jump in. It is very difficult to make a general statement like that as what is the reference point? For a trader buying or selling vol where you need predict the stock or index actual future price movement or lack of movement, this is often just as hard as predicting the future price of the stock/index. As a general statement, OTM puts tend to be priced higher that hostorial vol and OTM calls tend to be skewed lower. You need to develop a process where you have an expectation of where you expect the stock/index to trade or not trade over a time period, then examine the current pricing to determine what fits your expectations given the current level of option prices taking into account the depth and liquidity of those markets. Bob