I may be wrong, but here is the basic concept as I see it. The "there is no free lunch" view of the market. The high volty itself is not tradeable unless you have a view on whether the market is right or wrong on the size of the move. If you think the market is right, then you are stuck with deciding the direction of the move. So...... right, or wrong. You can then design a position once you decide. No free lunch.