Disliked{quote} I would agree with that not being the best idea......part of the reason I have had good results from my strategy is I have time to put Band-Aids on boo-boos...if you will. Weeklies probably aren't as forgiving to an initial fast moving market as when I initiate a strangle in crude with 20 trading days left. I have found certain time periods....Ignored
You'll see Cecil's mo is typically to get in for mere pennies. In that case, you could argue that it's a waste to buy "insurance" via another leg in a strangle since your premium loss is so low anyway. However, ask CG if he ever strung together enough of those small losses to hurt and see what he says.
I am still experimenting with the weeklies. For me, it's kind of an extrapolation for the mindset I developed scalping forex. So, if I see earnings or econ news releases or event scenarios unfolding it's natural to think of short term plays to profit from those and the weeklies offer some really explosive possibilities to do that. I need variety and the weeklies will keep you on your toes, so I will keep trading them I'm sure.
Really, though, I like to focus on a rolling 30-60d + timeframe. Much more forgiving. Offers potential for spreading, which I have learned how to do well enough to save my ass somewhat when I screw up, and to multiply my profits when I am right.
Cool thing about options is there are lots of ways to skin the cat & just like in all trading you eventually find what works for you and what does not. If you have been trading e-mini options you could walk right over and do SPY options pretty much the same way. Beyond that, you'd have to experiment with some of the most liquid stock and index options to do what you do.
"If The Fool persists in his Folly he will become wise." - William Blake