yes it does.....conditions given are for reversal trade if there is any.Its my observation that only first leg of a trend gives big moves which is a reversal on yesterday afternoon range or D/2 or H4 chart.In options one needs big swings to overcome time erosion.Alternatively one can do pullback trading with stoploss
at yesterday afternoon range extreme but be mindful of options bleeding due to time erosion in sideways market.I am speaking from the perspective of option buyers here.
Note: Please note that i use IV as leading and confirming indicator for reversal trades only.You may use it for trend trading also but be careful about sudden changes in IV.Also keep an eye on OI addition in in the money options.