it is a good strategy in "normal" markets. 80% of the time, markets go sideways. you would then collect the premium of either side of price you choose to write outside of the price band you're looking at (price having gone nowhere). with a "Strangle" you write both sides and hope nothing happens either way.

It's the vertical markets that cut you a new one. For example, the equities sold off good Thursday & Friday into option expiration. That means the put writers, if they held to expiration, have to buy those shares....but, they don't really want them....they just wanted the premium.

I suspect they will unload for the next few days. You can see that Monday could be worse for a writer than what he had to deal with on Friday....it being so low in the Overnight. Further losses....

It is also true that most options expire worthless. This is what the computers that trade know and always are pressuring every option in all price levels in the nearer options in time.

If you want to own a stock at a price below the market price...best way to get it is to write a put. getting a little extra in the premium you sold. Think about this implication.

:-)

There is no answer that fits all traders. too many different goals and views.