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I buy long-term straddles ATM, and try to sell the short-term strangles centered ATM with the calls and puts generally between 20-30 deltas (although over time the underlying drifts from the long-term straddle strike).

Thank you for sharing your strategy--this is very informative. I personally have not used the more long than short strategy for this, as I would be worried about the theta cost of the extra vol exposure. I am curious--at what point do you throw in the towel on a short option if the...

I have been experimenting with index-based double diagonals, long back-month straddles and short rolling front-month/week strangles—with the goal of collecting time premium from positive theta but staying long vega as well. I am wondering if anyone has advice for how far out of the...