I really like the way that DEEP ITM puts and calls behave when they are close to expiration. Love the idea of buying something so closely matching the underlying with so little time value to lose. My question comes when keeping a neutral delta between puts and calls. any profit making scenarios for say, buying into the strangle (I believe its a strangle anyway) and then selling when one leg swings, then selling a call or put for protection on the other side? example UNDERLYING 40 BUY 30 CALL BUY 50 PUT when underlying goes to 35 sell 50 put sell atm call I am stating my rookiness, but i'd enjoy hearing about possible strategies in using deep ITM calls and puts that could possibly allow for some protection.