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There's strategies which are dependent on where VIX is at, which have worked for me. I've detailed on this sub before, some being received very well.
1 . Short front end gamma funding longer dated plays. - Company I believe in long term, will sell covered calls then use the premium to purchase LEAPS of other companies want to own. Usually, selling CC's on companies building out infrastructure which won't reach full revenue potential for few years, this allows for a thesis while collecting premium being patient. The premium goes towards LEAPS, which compounds the gains should the LEAPS appreciate.
2. Double diagonals VIX under $19 & Iron Condors VIX over $20. - VIX goes over $20 an average of 79 times per year, it reaches over $25 average of 19% of the time. Selling .20 delta iron condors, watching macro news avoiding days like liberation day, you have favorable probability.
When VIX is under $19, short dated double diagonals 1dte/3dte, you can offset vega exposure using less time on longs, build intrinsic value/delta expansion, more gamma sensitive using less times on longs. Must be actively managed, rolling the winning side short up/down & out 1dte, while resetting losing side diagonal in case price pulls against the winning side to lock-in the gains. Constantly selling, aiming to go ITM on one side, and allow runway/intrinsic value to build more while trailing with hedge in case pullback.
3. LEAPS on companies building infrastructure. - Many companies have massive projects underway, building out which once completed will unlock full revenue potential. The enemy is dilution and regulation. If you purchase these LEAPS using short front end gamma, covered in strategy 1. you can basically take these bets for free *if the underlying you sold CC's against never realizes losses.* It's still a gamble but it's the long dated approach which the market cannot price time so far out. So LEAPS give you time for a bargain basically.
Honorable mention: When have directional bias, will toss out 1dte/2dte far OTM diagonal. If price goes in favor, can return 200% while offsetting most of the risk opening as a diagonal spread. I will always open with a double diagonal, adding the extra diagonal to the side have bias. So, if price moves against directional bias I cut even basically with the double diagonal win offsetting the loss of the directional bias.