As IV goes lower, can we just sell options in low IV? tastytrade reviews this strategy and highlights the downfalls. The real disadvantage of selling cheap options is not the lower average P/L per trade. The issue lies in the effect that an outlier loss has on the portfolio. If we put on much smaller positions in low IV and then scale up our capital usage in high IV, then we can recover much quicker from the loss to continue growing our accounts thereafter.