Hi, I was wondering about the "right", best justifiable approach for a vol trading strategy(has to be vol strat, delta neutra, no outright punts).Underlying trades at 50, my view is bearish with, expecting higher impl vol.What shall be the best strategy ? Intuitevely I would buy very cheap OTM puts and hedge delta. Alternatively I wd have speculated on buying very cheap ITM CALLs, profit wd come from shorting the underlying.I prefer the PUT strat, because of-my bearish view (higher imp vol/downside in px)-vega (still to be collected to the downside on the put and much higher than on the OTM call)Any thoughts ? Thanks for your input !

Buy a Put 1 x 2 for the 2 ie Sell 1 x 50 Strike & buy 2 x lower strike say 45 or 40 depending on your view?

no option selling allowed (i.e. for financing of puts). it wd be really the question whether onewd (rationally) go for deep out of the money calls rather than puts (given the constraints)...

just long put, pick up long maturity, delta and gamma up to your risk appetite