Short strangles could possibly be the ultimate strategy for options traders. Though it requires more capital because of the naked options on either side, theses strategies offer the highest probability of success of any trade and generally the highest P&L long term. The strategy is a combination of selling a naked call and a naked put above and below the stock price. We like to sell options at the 1 SD level (or 15% prob ITM) on either side. This gives us a high win-rate long term and maximizes our profit because we do not have to buy protection (as we would with an iron condor). Notice: we don't recommend these strategies for smaller accounts because of the margin usage and instead prefer to trade iron condor alternatives if you have a smaller account.