I'm reading about two types of option traders. Those that follow one or two underlyings, like an index, AND those that look for extremes in implied volatility and/or technical patterns in any stock or future. Which type are you and why?
I prefer technical analysis, I prefer to trade with the trend (as long as it is strong and the price is validated by some other analysis), It is what works best for me.
I have always preferred to monitor a basket of instruments/symbols and trade what was happening, picking the best. So with options now, at any one time I might have put and call verticals for fast moving stuff, put and call calendars for slower moving stuff, and butterflies for the range bound ones. All debit spreads.