...positive gamma, positive vega...wants increasing IV...but when the underlying shoots to the upside around or beyond the short puts, the vega becomes negative and the backspread benefits from a decline in IV. Does it really benefit though? Because even if IV rises, realized vol will win out and the position will still be profitable. Same with a call backspread...the upside wants increasing IV and the downside, decreasing...but does IV even matter if the underlying blows past the short calls? Because you will still have a nice profit anyway. What do you guys think of a strategy that identifies stocks with big historical vols, and throwing backspreads on them? The question is, do you want stuff with high or low IVs? Because the way I see it, IV will only benefit you in one direction.