🗜️ Mx
My weekly strategy is SPY butterflies in either direction, hedged with an equal VXX butterfly. If I'm right about the market direction, SPY makes money. If am wrong, VXX makes money. The key is to position your P/L ratio as high as possible, so you make more from the winning fly.
🗜️ Mx
Remember that you lose it all if the market flies past your fly (no pun). So, you have to create a fly that covers at least the IV range of the expiration term. TOS will help you with that, generally.