best option strategies for short term (5days or less)

covered calls/ puts?

 

This is by far the best source of ideas. It's free too.
http://www.optionstradermag.com/

 

You may be able to collect a lot of "decay" with straddles and strangles.

 

Over the short time period, if you have an opinion on delta you should probably go long options, or do debit spreads closer to the money (aggressive approach). If you don't have a delta opinion do with credit spreads further away from the money (defensive).

 

You could do Gamma Scalping closer to expiry. Works well for the options 4 - 5 days before expiry.

 

On which underlyings have you done it?

 

How about a home run strategy trading options starting the Wednesday, before the expiration on the OEX? We develop strategy for trading from Wednesday of option expiration to the Friday close. We look for patterns which produce at least 5 points on average with an average winning trade over 10. We then buy a strike out of the money.

 

Hmmm, I'm a day late cause I wait till Thursday before quarterly expiration to swing with the arbs for a week of bread & butter.
Follow the basket boys.

BTW: You said "WE". What are "WE" selling?

 

By "We", I meant me and my brother. He put most of the money up and I do the trading. We worked on our strategy together.

 

I assume by short-term you're attempting to gain from synthetic vol [time]. If so, short straddles or long flies.