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The official line is that the maximum portfolio size for the SO strategies is $100K. And I agree with this. (I've traded with much higher than this in 2020, but that was only possible due to the very high vol.) So, a portfolio of $500K trading in calendars/straddles will be a problem. Also, pls be careful if you require trading to provide an income to feed the family. It's possible to have a couple of losing months (see the Performance table on this site) and then our fear kicks in, and that can affect our trading ability. Trading with 'scared money' is a different game, in my experience. Finally, if you are thinking of getting into trading the SO strategies again, I suggest starting with $10K, then each month, increasing this amount, as you build experience. Good luck!

@zxcv64 excellent advice, couldn't say it better! As for "generate enough income" goal - I recommend reading Debunking the "Trading Options forIncome" Myth Trading's goal is NOT generate income, despite what some "gurus" will claim. There is no such thing as income from trading. If you want steady and stable income, buy dividend stocks.