WRITING TRADED OPTIONS for income

I've always maintained that IV should be looked at relatively. Which is best;

a) An 8% annual return on capital, when inflation is running at 10%

or

b) A 5% annual return on capital, when inflation is running at 3%

Similarly, which is best;

a) IV running at 9%, when HV runs at 7%

or

b) IV running at 20%, when HV runs at 22%

Having said that, the argument that IV is likely to increase from these levels is a good one. It's that what makes me cautious in writing and occasionally joining the mug punter in buying options.