Is there way to measure the return of short option using IV?

[xappppp]

I want to understand how effective by selling deep OTM Cash Covered Put or Covered Call for good stockes. and whether it is a good strategy if I’m only looking for 10% return annually.

 

[ET180]

10% return annually beats pretty much everything long-term. So if the strategy was as easy as you describe, then everyone would be doing it. Deep OTM or deep ITM implies very little extrinsic value to collect by selling. So you won't be getting much from the options anyway.