IV Rank

I have developed an options strategy where I purchase calls on stocks exhibiting unusually low implied volatility relative to their historical levels, as indicated by a low IV rank. The approach involves buying these calls with 20 to 30 days to expiration at a modest premium per trade, then exiting when implied volatility expands toward its historical mean or when the underlying stock rises to capture intrinsic value. This setup offers two potential paths to profitability. However, I recognize that without a specific catalyst, the strategy largely relies on implied volatility mean reversion, which can be slow and uncertain. I am currently refining strike selection by shifting toward at-the-money options for higher vega exposure and considering longer dated expirations to mitigate theta decay. Since I cannot utilize a margin account and am unwilling to sell calls or puts, what similar approaches have others explored? How do you identify securities where implied volatility is likely to expand? What key elements might I be overlooking?

Is combining ascending triangle patterns with IV rank a genuine trading edge or merely statistical noise?

Do traders incorporate fundamental valuation metrics such as the PEG ratio alongside implied volatility rank when deciding to enter options trades?

How do professional traders scan the SPX option chain to identify high open interest strikes combined with favorable implied volatility rank when selling iron condors?

Does the IV Rank 20/70 Rule Hold Up Across Different Underlyings or Is It Primarily Effective for SPX?