105069706 : Dream on.

Jacob McCarthy : What type of strategy are you using for your options?

BelleWeather OP Jacob McCarthy : I started off speculating with calls and buying LEAPS on high conviction but inexpensive tickers. I have played around a bit with short dated and 0DTE calls on indices. Very rarely speculate with puts, but use protective ones (and callers.) Now I write calls against a portion of shares and LEAPS and puts when I feel high conviction stocks are beaten down. Very rarely naked calls as a way to short as well. Basically a mix of many strategies - whatever seems appropriate to market conditions. As a result I leg into and out of spreads as well (never open them at once.) I avoid earnings and both short and long strangles (conviction is key to my approach.) I also focus on shorting and longing IV as a hopeful added boost. My approach to deltas and other greeks varies wildly depending on the underlying and timing (though generally both buy and sell time.)

BelleWeather OP : Also, I write contracts to enter and exit positions I intend to hold (or have held) longterm, especially in high volatility.

Jacob McCarthy : If you write a contract wouldn’t that be even more risky? Also so your strategy is like a long strangle? Thank you for explaining this to me I’m just trying to learn and have a better understanding.

BelleWeather OP Jacob McCarthy : If a naked call, yes, writing those carries  great risk. I do it very rarely (twice, actually, now.) And have only done so in two instances where I have very high conviction the stock will drop, but puts are expensive and borrowing costs are high. In both cases, IV was also quite high, so writing contracts was even more profitable. This could work if one is certain a pharma trial will fail, and in fact that was my first example - I shorted calls on SAVA, quite far out, just shy of LEAPS. I can’t recommend it, and certainly not for a beginner. Writing naked calls may be the riskiest strategy of them all, in fact (especially as I myself didn’t hedge that time at all, for example by holding some long calls or shares in a ratio.) Tge above is simply me writing calls against shares I hold - covered calls. That is a strategy more suitable for beginners (though one I struggle with - ever learning.) I feel in that time frame that the share price won’t rise to that level, and if it does am ok having my long called away as I’ve reached LTCG treatment (though if the position is threatened and I can earn more premium, then I may do that with RCAT.)
Definitely not a strangle/straddle. You may be thinking of a collar (long shares, short calls, long puts?) This is an attempt at a bit of extra income/way to exit the position for me. I actually don’t prefer straddles and strangles. May write them one day as I do like to play volatility, but for now, conviction is most key for me (and the theme of nearly all I’ve written here!)
Good luck learning! Moo Moo has some great educational resources and I’d recommend starting by learning about long puts and calls, then short and playing around with the ideas (paper trading or drawing them out by hand.)