IV Rank for Nifty Options

IV rank = where current ATM IV sits vs its 1-year range (0-100). Rank > 70 = expensive premiums -> favor selling/defined-risk; Rank < 30 = cheap -> favor buying. Feature iv_rank = percentile(atm_iv, 252d). The model uses iv_rank to pick strategy: high rank + mean-reversion signal = spread seller; low rank + directional signal = buyer. This stops buying expensive options in euphoria and selling cheap ones in panic. IV rank is the single most useful context dial for retail.