Option traders are pushing implied volatility levels higher at an accelerating clip on Belden, Inc.'s (BDC) options. BDC's implied volatility levels jumped from 44.26 percent yesterday to 53.86 percent today---a day-over-day gain of 21.70 percent.

Of course, it is always important to keep implied volatility levels in perspective relative to what they have been in the past for a specific stock because what is considered high implied volatility for one stock may acutally be considered low implied volatility for another stock. Looking back at the implied volatility levels for BDC during the past year, we can see that the highest level BDC has seen is 99.09 percent and the lowest level BDC has seen is 39.36 percent. So BDC's current implied volatility level of 53.86 is closer to its low for the year.

If you are looking for other potential options trades that are similar to the ones you may be looking at on BDC, you may want to look at a few of the other stocks in the Industrial Electrical Equipment industry. Oftentimes, stocks within the same industry group are affected by the same fundamental factors and tend to move together. ABB Ltd. (ABB) and Eaton Corporation (ETN)---which are both part of the Industrial Electrical Equipment industry---may also be interesting to look at.

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Seeing that BDC's implied volatility is rising and that it is closer to its low for the year, you now have to determine if you are bullish or bearish on the stock.

If you are bullish, you may want to look at employing one of the following strategies:

- Selling a naked put

- Entering a vertical spread by buying an ITM call and selling an ATM call

- Entering a vertical spread by buying an OTM put and selling an ATM put

On the other hand, if you are bearish, you may want to look at employing one of the following strategies:

- Selling a naked call

- Entering a vertical spread by buying an OTM call and selling an ATM call

- Entering a vertical spread by buying an ITM put and selling an ATM put

Of course, the implied volatility levels on BDC may be rising at an accelerating rate due to forces that only affect this stock. In that case, you may want to look at doing a pairs trade---buying a call on one stock and buying a put on the other stock---between BDC and ABB or between BDC and ETN to hedge some of the risk you may take on by trading BDC alone.

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