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Yes, I agree but, since none of these type of trades have "open ended" risk, then when that final ,losing trade, happens, it will just be a "normal" routine loss. Not something that will put you out of business. No bull market lasts forever. Someday ( which can be any day from today until xxx years from now) we will have a 2008/2009, then the VIX will eventually figure out what it is going to do moving forward. Maybe we will have 5 years of a (VIX) trading trading range between 20-35! And the futures will go into backwardation. Then there will be a new "edge" that might take some time to figure out.

It's a very crowded trade so when it turns bad it can be magnified, but basically it has worked for almost a decade. I have a really simple approach which has made my trading IQ much higher: If I like a trade that has worked for a long time in a row, I go ahead and do it until it loses without worrying 'when it will stop.' I know that my last trade will be a loser, but until then I get to ride a wave without any real mental pain.

For the RV charts that i'm building, i now select the expiry date just after the earnings date. I don't know Optionslam that much so i can't comment on what they are doing. I know some other people on the forum are using https://marketchameleon.com/Overview/PEP/Earnings/ as well. For the tool i'm building, it's useless in my opinion to share any code because you need the data etc, and it's work to maintain that. To give a sneek peak at what i'm building, check out (the url might be changed in the future) : http://www.volatilityhq.com/backtester/straddle/PEP and http://www.volatilityhq.com/backtester/calendar/PEP It will be a paid service to help pay for the data, server cost and development cost, but i believe it will provide value.