Types of strangle/straddle people do.
1. Equal premium based.
2. Delta based.
3. Directional/offset straddle.
4. Overall stoploss based.
5. Individual side stoploss based.
6. Hedge one-sided if imp level break.
7. Keep moving Position strike to strike as per move.
8. Extra selling opposite side.
9. Stop n Reverse type overall.
10. SAR individual.
Many more....

How u r doing??
Just for idea ppl tell low iv good for sellers then why most profitable month is march. Believe me friend high iv is best time for any Option sellers. Low iv most difficult time when small movement not hedged by premium. https://twitter.com/nitishnarang/status/1304727888583819265?s=09
1. & 2. Mostly ppl take strangle with equal premium or by watching delta. Equal premium is wrong way to do as always said same premium never a guarantee of same delta. And sometimes it will not hedged by one another. Mostly ppl entered n exit after view invalid or target/stop.
3. There r 3 senario: bullish/sideways & bearish. Ppl think only selling sideways neutral strangle straddle enough but its not bcoz u will face loss in bullish/bearish time means winning possibility 33%, but if we c little skew position, then if mkt remain sideways 2 directional.
With correct Direction ur winning chances increase to 66%, u can make even sideways or directional benefits. Only issues u hv to consider sideways 2 directional bet, if mkt move against accept loss.
4. Overall stop is good in kind of market where mostly spike keep coming but remains sideways.
5. Individual stop useful where u can make money by remain sideways or trendy, u hv to decide at one particular moment now mkt trendy. Only issues double wipsaw for this.
6. This is particularly same like individual stop only u r not cutting position and protection buy one side with buying time as well for being correct.
7. Few algos or big fund managers keep moving position by mkt move and focus to stay neutral they give some charges 4 sure but mostly few bucks they got confirmed. Rare occurrence always there.
8. Just like delta management ppl sell opposite side if they r not much directional bias and trying to stay neutral either by being scalein or out both side.
9. Some ppl do short straddle to long straddle or vice Versa according atm chart, some use ema or any moving avg, if price cross up they keep long below short again like that.
10. In individual they simply convert position into synthetic future type position.
Go with anyone and prepare plan, backtest it and try in real mkt mechanically or discretionary choice is urs.
Strategy type suits person to person, its subjective topic.
All the best!
Strangle/straddle is most dangerous Strategy in Option trading as risk unlimited profit limited but coolest thing its give quickest way of profit. People attracted to it but my 2cent 4 ppl Greed is bad. Overall portfolio stop must in worst condition not more than 5%.
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