Hello, So I'm paper trading a volatility trade here on LFT. IV has been pretty low, and I projected an increase in IV since this thing has rallied so much in the last little bit. Since nothing lasts forever, and IV rises when things fall, I figured it was a matter of time. So I was a little right today, however my position didn't make money. I'm long 23*40 Jun straddles and I've been gamma scalping to stay delta neutral (basically, today I got to cover my paper-traded shorts). This position gives me >400 vegas right now. I bought far out to get highest exposure to vega. But since it's so far out, the increase in IV was not reflected in this months option series. But if I buy too close to expiration, vega has less of an impact and theta is very high. I wanted to know, what is the "optimal" timeframe for such a trade? How many months out does one give themselves to maximize a change in IV with exposure to vega. Furthermore, there's buying ATM vs. OTM straddles. If I think IV will rise due to a sharp decline, should I buy OTM straddles below the spot so that I'm close to ATM when the udnerlying falls? This is a directional play which i thought wasn't the point of vol trading. I'm just trying to understand how to best profit from this, when apparently I'm a little bit right! Thanks in advance.