Opened: IWM May 20th 176/229 Short Strangle... for a 1.19 credit.
Comments: A bit of an experiment here, selling the 90 day duration 2 x expected move strikes in shorter duration. Using the June 30th expiry (86 days) as the basis for this setup, I looked at the strikes nearest the 16 delta in that duration, and then sold premium in those same strikes in the expiry nearest 45 days. The benefit is a higher probability of profit setup, with the trade-off being less credit received.
I'll look to manage it, however, like any other short strangle -- rolling in untested sides, taking profit at 50% max and/or rolling to a delta neutral setup in longer duration for a realized gain and a credit.
