I have been experimenting with index-based double diagonals, long back-month straddles and short rolling front-month/week stranglesÃ¢â¬âwith the goal of collecting time premium from positive theta but staying long vega as well. I am wondering if anyone has advice for how far out of the money to write the short options (I have read 30 deltas, or less?) and for when to cover the short options if the market turns against them (I have read when the underlying equals the short strike, or when the price is equal to twice the credit received?). I have found that this strategy works greatÃ¢â¬âuntil it doesnÃ¢â¬â¢tÃ¢â¬âand you can lose weeks worth of premium in a sudden market move against you. Thank you for your time, I am a newcomer to the options community (have been trading full time for about 3 months) and have learned a lot from this forum.