Sorry, atm I got no time for anything else but my own strategy as it's much work & time to study & analyse such a system. So, your system, your task Since you use it and also "promote" it, then one would expect that you already have tested it. So, you should post your experience with it. Maybe others use it too.
I improved/extended it to a 2-leg options spread: the only difference is the addition of a cheap LongPut to the main ShortPut. The net effect is that at the loss side the loss gets capped horizontally, as can be studied here: https://optioncreator.com/stqggit
Is there a reason to stay away from call spreads? A wider bid-ask spread? More dangerous than put spreads?
In my case I stick to Puts only b/c it's easier to handle in a CashAcct. In a CashAcct you can do only covered trading, ie. covered call, and cash-secured put. Covered Call means LongStock + ShortCall, so effectively Call spreads are not possible in CashAcct, so what's left is Put spreads No, I don't need a MarginAcct. I'm deliberately & willingly limiting myself to CashAcct. Some might think "what a masochist" It's like saying "If I can make it there, I'll make it anywhere"... Ie. I do it my way... And: using Puts only one can sell even for either direction: bullish as well bearish, by chosing an appropriate strike for the LongPut that is either < strike of ShortPut (bullish), or > strike of ShortPut (bearish). Update: also a reason is: the risk with ShortCall is unlimited, not so with ShortPut, cf. the table in this posting: https://www.elitetrader.com/et/threads/the-put-sellers-journal.368445/page-9#post-5684359
I recall TD Ameritrade allowed lowest-level beginners to sell puts and covered calls (=the wheel) but didn't allow spreads of any type. Selling naked calls can be considered having unlimited risk, but you're bragging how put spreads limit your risk, so call spreads won't do the same? And when tastytrade says IV is high and I should sell premium, how do I know whether to open a put spread or a call spread?
That's true. Spread is not recognized, but one can construct a spread if one likes. A margin acct is better suited, since then for spreads the collateral (the margin req) gets very low. One can say with margin acct the PnL is about twice that of CashAcct. Still, CashAcct is 'nuff for me. Hmm. this is indeed a good argument; you could be right. But I haven't studied the Call spreads yet, so can't answer it. Maybe someone else can. As said, I only recently discovered spreads, and from them have studied only the Put spreads. Maybe others can answer you also this question.