RE: "I have seen many cases where RIC lost 12-15% while strangle would lose 30-35%. The opposite is correct as well. Some RICs made 20% while strangles would make 40-50%."
Comparing parameters:
1) RIC with profit 20%/risk 15% and..
2) Strangle with profit 40%/risk 30%.
Isnt it still better investing half dollar amount to Strangle and have the same dollar risk like in RIC. Taking into consideration you have less legs to open which means less slippage and commissions too.