One strategy that we will look to use in a low Implied Volatility environment is a Calendar Spread. A Calendar Spread is a strategy that looks to sell one option and buy one option of the same strike and type (call or put), with the only difference being the expiration cycles. This is a defined risk strategy that can be used in any account.
Today, Tom Sosnoff and Tony Battista cover everything that you need to know about placing a Calendar Spread. The guys explain how you can use dough to set up a Calendar with one click. Additionally, they explain how you can estimate the probability of profit (POP) and return on capital (ROC) of these positions. This is difficult to do since the options will be expiring at different times and it is impossible to know what the longer dated option will be trading for when the shorter dated option expires!