The 1M IV throughout July has basically stayed below 35%. The last time it remained at such a low level for an extended period was in Q3 of 2025, back when we were still in a bull market. Back then, the lower limit of the skew was about the same as the upper limit of the skew now. Another characteristic of the July options market is the rapid decline in Gex concentration. Last month, a large number of options were concentrated within a very narrow price range, but this month, the strength of bottom-fishing has clearly increased. At the same time, the demand for protection during each dip has also taken up a larger proportion of the trading volume. For the past two months, there’s been a consistent trend of selling calls. In a bear market, rolling call selling is an approach that offers both psychological comfort and higher win rates. However, over the years, I’ve observed two common issues among newcomers to options trading: First, without the explosive returns of futures or buying options, many find it hard to stick with it and are easily tempted by other potentially high-return opportunities. Second, during periods of IV spikes or price increases, they can’t resist adding to their positions, breaking the risk control of their position management.