I also like selling premium when volatility is this high (it's been >75 for AVXL most months). The January 20 calls will go for about 2.75-2.80 giving a nice gain on a pop while still profiting if price drops as long as it stays above 15.25 and limiting downside if it does worse. I haven't sold any CC's lately but enjoyed selling delta 60-70 ITM calls in February and June after large pops.
I never buy puts on high IV stocks but sell them frequently - it's my favorite trade with a >80% success rate. Many times when AVXL had a down week, I sold some puts to have them expire 2-3 weeks later worthless. Currently have this week's 16 puts that should expire worthless for nice 1.2 X 1500 gains for 3 minutes of work.
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