@angira
I think, one correct way to short options is a simple butterfly....
Short the body of near month ATMs: FEB 10900 CE + PE at 175 + 160 = 335
And buy wings, of 200 points away... 77 + 97 = 174
Net credit: 161 points. On which time decay will apply.
Max loss is 39 points at expiry. But, you will never let it expire, so practically max loss will be much less. Therefore, if you set your
profit target 39 points, then its a good trade. This becomes low risk, low but fixed returns kind of a trade.