Ordinarily my considerations are: (1) whether I've got a correlated underlying play already on; (2) whether there is enough juice in my commonly used setups (short strangles/iron condors) to bother with; (3) how close the underlying might be to an announcement, such that I might just want to wait for that for a play versus tying up buying power for a lengthy period of time ( plays tend to be of comparatively short duration).
Currently, the top 5 IVR (ThinkOrSwim, 52-Month) underlyings are: CSX (93), GG (88), BABA (87), RIG (84), and EBAY (82).
CSX (a rail-based transport company) does not offer weeklies, which usually turns me away from a play, since there is decreased flexibility with setups and strikes where weeklies are unavailable.
The price of GG makes getting enough juice out of setups to make it worthwhile problematic unless I go with a short straddle or iron fly, which are not my preferred go-to setups. Moreover, if you're already in a Gold/Precious metals play of some kind like I am, you'll probably want to steer clear of initiating trades in correlated instruments like this one.
BABA might be worthwhile, although I need to exercise caution around , which are scheduled to be released in about 50 days where a play might be of lesser duration and therefore tie up buying power for a shorter period of time.
RIG is another low-priced underlying where only a short straddle or iron fly would make sense in order to get enough juice out of the trade to make it worthwhile. RIG's an offshore oil and gas drilling operation stock, so if you're already in a petro play ... . Well, enough said.
EBAY announces around 35 days from now; I might want to wait until IVR is even higher ... .