I'm loving the volatility. I learned to trade in this environment. I don't care about option models. I don't care about Black Scholes. This is what I do:

1- I use the 90 minute futures chart with the 23 & 30 day ema setting.

2- When the moving averages cross over to the upside, I buy calls one or two strikes out of the current price, using the (SPY,QQQ,GLD}.

3- When the moving average crossover to the downside,I buy puts a few strikes out.

4- whatever my fill price is,I let it move 15% and take my profit.

5 -  then I smoke some good pot and enjoy my life!