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Wow! Thank you! I was really not expecting this! I still feel like a newbie...

Member of the month award for October goes to @Bullfighter Hard to believe that this member joined SO less than 2 months ago.. His contribution is significant and very well thought. Well done, and looking forward for more great ideas and analysis!

Hi @ilhomsher, Yes, long leg expires always after the short leg.

Yes, it's not only the returns, but the volatility of your equity curve that matters, or how much you suffer along the way. I decided to put together some equity curves, assuming that on day 1 we have $10000 and then I execute only calendars, and repeated that with strangles, straddles, hedged Straddles, RICs, calendars and straddles together, and the whole set of SO trades. The first thing you will notice is that calendars on their own are great, probably because they tend to start half size. Strangles started strong but have been just doing nothing Straddles are slow and steady, rarely producing big drawdowns. Hedged straddles joined the party rather late, so it may be too soon to say if the current chop if the curve will remain so RICs really had to go Once you start combining, the curve starts smoothing. This is just calendars and straddles: The combination of great, good, and not so good strategies, having their successes and failures along the way, really smoothed the equity curve of SO: This shows why SO has such a high Sharpe ratio. I am glad I discovered SO! Excited to learn all these strategies!