They are simply using that knowledge to get or reduce option premiums. If up, they buy a call or sell a put. If they buy a long call and its under valued they make good money, but if it's over valued they still may make money or at worst, their loss may be small. If it is over valued they may not make any money and their losses can be huge. This is where OSCC can help the knowledgeable trader with it's big picture of option premium values.
All option trading involves some strategy.
This strategy will have a bias of some kind or another based on how the trader expects the future to move after the option strategy is put in place. Of course it is. They are the ones with the unlimited risk. Oh, a very good broker is also required. Option Strategy knowledge.