Select and assess option strategies that fit a stated investment objective

Choose on two views: direction and volatility. Bullish with implied volatility expected to rise, buy calls. Bullish with volatility falling, write puts. Bearish with volatility rising, buy puts; bearish with it falling, write calls. No directional view but a big move expected, buy a straddle; a quiet market expected, sell volatility. Then test the shortlist against the client: maximum loss against risk tolerance, cost and breakeven, horizon, existing holdings (a collar for a concentrated stock), tax, and any ban on uncovered writing. A good justification states both views, shows payoffs at plausible prices, and names what is given up. The trap is choosing on direction alone: buying options when implied volatility is already high overpays.