Short strangle could possibly be the ultimate strategy for options traders. Though it requires more capital with naked options on either side, theses strategies offer the highest probability of success of any trade and generally the highest P&L long term.
A combination of selling a call and put naked 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 if you have a smaller account to trade iron condor alternatives.