At a basic level Options are priced according to the asset price, time value (expected forward interest rate) and (expected forward) volatility. If you buy when expected volatility is low (sell when volatility is high), then you're paying relatively less (selling for relatively more). Traders name Volatility "Vega".
A bit like saying buy volatility when things are quiet/stable and Options volatility element is low, sell when things are noisy/fearful, when buyers are prepared to pay a high volatility premium.
Options are all greek to me also. I don't understand all that greek stuff either.
It makes sense what he says about buying low volatility and selling high volatility but I usually just try to sell time for a reasonable amount so I can make 10 to 20% over a years time on my investment.
What is nice is to sell calls when something is high and then to be able to sell puts when it is low within a short period of time.
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