Are there any traders who trade two different undelyings but one with higher implied vol so it trades long gamma, and the other with lower implied vol so it trade long theta? Can this be sort of pair trading and also what other factors should i be considering?
It appears we have a spam post as the first response. I don't think trading the greeks would benefit you without going long or short the underlying through derivatives. It's not obvious to me, though, what you're asking, because you'd want to create a synthetic derivative position that corresponds to your view of the market direction. Generally, I don't think going long theta or long gamma is of particular concern to me when I'm pair trading, because you're betting on a reversion to some mean in the process.