how to calculate right entry point in Long Strangle. and how to calculate call put ratio to determined the volatility.please help us to understand better the point mentioned below.
"An increase in implied volatility, all other things equal, would have a very positive impact on this strategy. Even if the stock price holds steady, a quick rise in implied volatility would push up the value of both options and might allow the investor to close out the position for a profit well before expiration".