# When Market Volatility Looks Cheap: A Screener's Guide to Hunting Overpriced Options

Here's a puzzle: the VIX is near 6-month lows, yet specific mega-cap stocks are screaming with elevated option premiums. What's the disconnect?

It's called **IV Percentile**—basically comparing a stock's current "nervousness" (implied volatility) to its historical range. If a stock's IV Percentile hits 100%, option sellers are pricing in maximum chaos. If it's 0%, they're pricing in zen.

Think of it like this: when Bitcoin was dead-flat at $40k last bear market, retail options were dirt cheap (IV Percentile → 0%). But when micro-cap altcoins spike 300% on rumors, those tiny options cost a fortune relative to their history (IV Percentile → 90%+). Smart traders hunt the latter.

# # The Screener Setup

We filtered for:
- Call volume >5,000 (liquid enough to actually exit)
- Market cap >$40B (no micro-caps; we want real volatility, not penny-stock chaos)
- IV Percentile >50% (overpriced territory)

**10 Stocks Currently Flashing Green:**
ARM, BMY, LLY, BA, PFE, AMGN, FTNT, NEE, RTX, PYPL

# # The Strategy: Iron Condor on Boeing

Why Boeing? Earnings volatility + high IV Percentile = premium sellers' wet dream.

**Trade structure (Feb 16 expiry):**
- Sell $215 put / Buy $180 put
- Sell $250 call / Buy $285 call
- **Credit collected:** $677 (your immediate cash)
- **Max loss:** $2,823 (if BA tanks below $180 or moons past $285)
- **Breakeven:** Between $208.23 and $256.77
- **Win rate:** 64.3% probability of profit
- **ROI if right:** 23.98%

# # The Catch

1. **Context matters.** If the entire market's IV Percentile is sky-high (like post-Fed panic), selling volatility on one stock isn't an edge—everyone's doing it.

2. **Earnings are landmines.** Check those announcement dates. A stock can gap 10% overnight and obliterate your iron condor, no matter how "safe" it looked on a chart.

3. **You can lose it all.** This isn't buying and holding. Options decay, gap risk is real, and timing is everything.

**Bottom line:** High IV Percentile = option premiums are fat. That's a green light to *sell* volatility, not buy it. But only if the risk/reward math works *and* you can actually sleep at night.

**Disclaimer:** Educational content only. Not investment advice. Do your own research and talk to a financial advisor before deploying real money. Options carry substantial risk of total loss.