What about using a mental stop loss to prevent big drawdowns: would the strategy still work alright, or must must it be held to expiration?
Here is the trade CML dude is referring to. This is the Long delta 40, short 2x delta 30, short 1 delta 22, long 2x delta 15. I do not see anything special about this. If not delta hedged this is a directional trade, with a brutal risk reward. Even if you wanted to consider this as a short vol/skew trade, your gamma/vega ratio is a little high..... Trade the underlying if you want delta.