To an option trader engaging in volatility arbitrage, an option contract is a way to speculate in the volatility of the underlying rather than a directional bet on the underlier's price. If a trader buys options as part of a delta-neutral portfolio, he is said to be long volatility. If he sells options, he is said to be short volatility. So long as the trading is done delta-neutral, buying an option is a bet that the underlier's future realized volatility will be high, while selling an option is a bet that future realized volatility will be low. Because of put call parity, it doesn't matter if the options traded are calls or puts. This is true because put-call parity posits a risk neutral equivalence relationship between a call, a put and some amount of the underlier. Therefore, being long a delta neutral call results in the same returns as being long a delta neutral put.
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