I sell a strangle ATM both put and call but hedge it with a long put and call OTM the equivalent of the combined premiums. Also is there a scanner that would work well in picking up these trdes for equities and futures?
CBOE livevol is a beautified basic screener of the simplest form not much more. Their risk visualization tool can be had with any other package at a significantly lower price. No backtesting of strategies. No access to historical meaningful data. No ability to create custom multileg strategies. I found virtually nothing of value in this package when I trialed it a year ago. Livevol was a promising product until CBOE took over, squeezed more profit margins out of the product, sat down a few UI and UX engineers with zero options trading experience but otherwise did not improve the product in the slightest. Quite the opposite, they restricted access to competing options products and restricted data access. Orats on the other hand stands out.
It's called a FLOPTION. That applies to any options trade that has a snowball's chance in hell of making money! Good luck, I'm being facetious