The crypto community is expressing caution towards options strategies, focusing on mean reversion of volatility and timing market entry. Members are debating the relationship between implied volatility (IV) and realized volatility (RV), with differing opinions on achieving stable returns through statistical advantages. Some question the effectiveness of all-weather strategies. Key discussions include optimizing volatility trading strategies, where the limitations of Delta hedging (DDH) are highlighted. Members suggest buying options when both IV and RV are low, and selling when IV is high and RV is expected to decrease, emphasizing risk management through timed hedging rather than subjective judgment. Additionally, the community is exploring improvements to covered call strategies, proposing the use of Bitcoin as excess margin to sell altcoin call options, and employing cross-currency hedging to smooth income curves and avoid extreme risk exposure. The application of mathematical theories such as Martingale, risk-neutral measures, and Black-Scholes partial differential equations in options trading is also being discussed, with suggestions to integrate AI learning for deeper understanding.