It depends on what kind of market you are referring to.
I can relate to one of Nitin Ji’s Option Chain videos where he mentioned the following:
1. In Bull Market: High IV at ATM would be 21 – 24
2. In Bull Market: Low IV at ATM would be 15 – 16
3. In Bear Market: High IV at ATM would be 38 – 40
4. In Bear Market: Low IV at ATM would be 21 – 22
5. In Range Market: High IV at ATM would be 20 – 21
6. In Range Market: Low IV at ATM would be 12 – 13
For an example, around 9.68 IV for a strike suggests the market is in range and the IV is low. Hence, we can buy Call options but we should not sell Put options.
Hope this helps.
Nitin Ji,
Please correct me if the information I furnished above are wrong.
Thanks & Regards,
Anirban Deb.