How To Analyze IV?

I am learning to day trade Nifty options on the buy side. In this regard, how do I analyze the IV data? Help, guidance, experience of senior members would be highly appreciated and acknowledged. Pointers would be helpful for not just me but other newbies too.

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You can refer to this chapter on Varsity to learn about Volatility. Though, would suggest you read this entire module, you will get to learn a lot:

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I have thoroughly read Varsity. The concepts are in depth, but mostly theoretical. Can i get some practical insights as to how to analyze IV data to form a directional bias from a day trading, option buying, point of view.


Can meaningful difference in IV values of ATM call and put be the basis of an actionable long strategy?

Can anyone kindly provide some practical insight and guidance?