Short straddles are aggressive premium selling strategies where you sell both the ATM call and put option at the same strike price. This maximizes the credit received and is best used with ultra-high IV stocks.
Because of the undefined risk nature of this strategy it's best to use this sparingly (again only with great setups). We will only trade 1 to 2 straddles in our overall portfolio at a time.
Profit taking on this strategy is much quicker and you'll look to close out winning trades at 25-50% of max profit to conserve capital.