A couple of years ago a watched a FREE webinar from a guy that pointed out the best entry for a credit option was around a delta of .3. He had this plot which showed how the option price increase in a straight line relative to the price increase of the underlying. has anyone else seen this? What was his name? If you have any links to his material, please pass it along.
I don't think there is such thing as "best setup". Each setup has its pros and cons. If you go with delta of 0.30, you have about 70% probability of success. If you go with lower delta, you will have higher probability of success but lower credit and lower potential gain (worse risk/reward). Risk Reward Or Probability Of Success? article explains the relationship. In trading, there is always a trade-off. You will have to choose between a good risk-reward and a high probability of success. You cannot have both.