Iâm new to trading volatility skews. I found one CALL option that in marts 2010 have 5% points higher IV than for the same strike in September 2010 - ITM. There has just been an FDA ruling that send up the stock and the marts IV (I guess). I think that marts IV will fall again. What to do here (without being naked)? Buy September call and sell marts call? And wait for mart IV to be normalized again? 3 months HV is in the line with September.