High IV trade

I've been selling 1-2 option spreads on high IV trades in the 100% range and where the stock is down. I sell them either Monday or Tuesday and usually wait until the stock starts to drop and then roll the position to a lower strike while selling my protection and collecting the premium.. Even if it doesn't drop I still roll it down trying for the same expiration and collecting premium on the way down. If I do get caught either way I will again roll out and down as far as necessary to keep both profitable and out of the way of the down trend until it turns up again. So far it's been profitable. I'm fairly well capitalized so I can afford to sit out various positions waiting for theta to do it's magic of course as a result my portfolio has some serious swings in value but long term it all looks to be working out rather well. Even on the bad days I bring in cash.