DownTime, thanks for explaining some of your thinking and rationale.
Are you talking Mar or Apr puts on the INFN example? Is it pertinent how close to expiry?
The part I need to get my head around is how to judge whether the time premium is low, reasonable, or high for a given underlying.
I think a modeling tool could be valuable. Perhaps that is mandatory for advanced positions (straddles, etc).
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One strategy that sounded compelling was writing naked puts, and just collecting premium, but you have to be capable of having the position put to you.