Hello, lets use this hypothetical situation The puts implied volatility is too high, the calls implied volatility is too low. I need a strategy to take advantage of this situation if I see it in the future, when there is no catalyst event. I am looking at some old data for linkedin after IPO. Pretty much everyone was pessimistic and shorting costs 100% APR at the time, when shares were just becoming available to short 5 days after IPO. When the options started trading, the puts in one series were 70% impl. vol ATM, and the calls were at 53% impl. vol ATM The puts cost twice as much as the calls then. Lots of juicy premium to be had. I want a strategy that basically banks on theta and volatility decreasing or normalizing. This would basically involve selling the puts and buying the calls, but this isn't direction neutral enough for me. Is there some kind of triple legged spread for this situation? selling a long dated straddle worked well in the backtest, but I want something that counts on the impl. volatility normalizing between the two sides of the book and 70% impl. vol is way too high when there is no catalyst event and the vix isn't through the roof. thoughts?