I trade Options, but mostly for very short term holds, as in same day to no more than a week or so, depending on what happens after I get filled.
In the past, I thought about something like you said, but abandoned it as I had no intetest in studying all about volatility and adjusting positions to hedge risk, as it is a complicated area, and you are either into that type of trading, or not.
What I have found, is that price is King, so, if you get a good handle on price, you need not worry yourself too much about complicated option strategies, once yoy know the delta and theta, but delta mostly, you have a good idea of what to expect if price starts to move erratically.
It will be interesting to see what the options experts come up with, but you will need to see some similiar trades done by someone, as theory is no good when risking money on short SPX options, as if you get caught out with a black swan, or even a baby black swan, you might regret it big time.
I have yet to see an option expert that can read charts correctly, and it eludes me why they do not make it their businesses to find out, as it could make some difference to their trading, turning good results into extraordinary results, but, what is, is!
J_S
