Well finished backtesting another one, and this has moved to number two on the list -- GLD. So I'm going live with it today.
LONG
Jan 159 Call (.79)
Jan 178 Put (.78)
Cost: $22.10
SELL
Weekly 170.5 call (.25)
Weekly 165 Put (.22)
Net: $1.05
Max possible one week return: 4.6%
GLD consistently worked at UNDER .30 deltas. With the recent swings, I did go more conservative, based off some technical analysis I did. However, it also worked at .30 deltas -- with almost the exact same results over any given period. I'll probably bounce between .25-.30 each week. With rolling, I'm targeting an ideal average of 3% per week.