Determining Greek position limits

How about incorporating a theta/gamma ratio? You could look at it as a Yield to Risk ratio.

 

Then that's what you should use for your risk limits rather than the greeks.

 

What would you consider a high theta/gamma ratio, indicating I should sell said option, and what would you consider a low theta/gamma ratio, indicating I should buy said option?

 

look at the current gamma/theta ratio over a range of strikes, and compare that to historical gamma/theta ratios. if it is high (low) relative to historical, the options are cheap (rich).

 

Or I could just use IV for that, correct? Unless Silexx Obsidian Pro can do that automatically as well.