Quote from adamcollins:
I sometimes trade straddles on expiration day after implied volatility cools down dropping for a bit after the open and when the underlying crosses a strike price. Works well on some stocks, doesn't work well on others. If it doesn't start moving quickly after I'm in I'll close the trade for a small loss.
I also trade credit spreads but am always worried about the risk/reward so I only really trade those when volatility's relatively high and I can go far out for premium.