Under Standing  option trading

Option is of two types

1. Put 
2. Call

Option can be

1. bought 
2. Sold

Results in 4 Choices 

1. Buy Put
2. Sell Put
3. buy call
4. sell call

Buying option is for speculation, hedging a sell holding and for insurance

Best choice is to sell options, which has a better probability of success approx  70%. 

selling option is not speculative buying option is speculative if not done for hedging.

According to theory

we should  sell options 45 days before expiry and buy back  15 days before expiry. If the market does not move 3-5 %  during these 30 days we can get about 2% return for a annual return of 24 %. The market may move drastically in this period and can cause loss but the chances are less then 30% and there are defensive strategies available to reduce loss. 

If we can identify stock option with high IV rank 45 days before expiry they will give us higher premium . Avoid stocks with result announcement during this period one more reason for high IV.

Indian Option market is under developed. People predominantly trade only in NIFTY and BankNIFTY . Bank nifty highly volatile and highly risky and mostly preferred for speculative trading. Stock options find good volume and volatility during result  announcement period.