http://trading-volatility.com/Trading-Volatility.pdf by Colin Bennett
Implied vs Realized
Vol cone shows how realized is more volatile than implied
Vol as a Hedge
Decomposing long vol: A poor hedge even beyond it's expected overpricing
Term Structure
Term structure supply/demand
Looking at variance vs implied vol term structure
Comparing term structures
Relationship of skew and term structure
Skew
Reasons for skew
Measuring skew
Skew is steeper in nearer dated
4 skew regimes and their deltas
Skew trading
Pairs trading
Weighting pair trades
Dispersion and correlation
Structural bid for correlation
Correlation swap trades below implied corr
Weighting dispersion