Options Wonderland

[The_Game]

Do you have any experience with selling puts? Just looking at the current situation, this might be a good opportunity to make some money on say the Google type stocks. The premium on these Feb puts insane. the 490 puts are going for 3.50 right now. Would there be a good strangle/straddle play to limit my risk by selling that put and buying a higher strike put lol just in case it does somehow fall %18 by then?