Free options courses on OIC website

http://education.optionseducation.org/oic_courses/OIC401C/pastfuture_09.html

http://www.optioneducation.net/calculator/pu_volatility.asp

Assessing values, choosing strategies

If implied volatility levels are lower than usual — that is, the options appear relatively undervalued — these investors might choose strategies that involve long options positions. For instance, if they're bullish on an underlying stock, they may buy calls. On the other hand, if volatility levels seem to be high at the time, and the options seem overvalued, they might choose strategies that use short options. If they're still bullish on the stock, they may choose to sell cash-secured puts or covered calls.