I look for high IV in stocks whose patterns I've become familiar with overtime to get a real sense if it will actually hit a certain strike. I have stocks that I know are prone to selling off at certain resistance points just by watching them do it repeatedly, but some options buyers may not know that since. So I profit off knowledge asymmetry and am comfortable with the high IV.
If I don't know the stock well (maybe less than a month or so of watching it daily) I'll just get a low IV contract.
If I don't know the stock well (maybe less than a month or so of watching it daily) I'll just get a low IV contract.