Non directional trading of options-help needed


Active Member
Hi friends

I am looking for a E book on Non Directional Trading of options.
Can somebody post on this topic please!

1.ONE THING I KNOW OF IS WE need to sell OTM options-like sell call,sell put. to manage the positions is not clear.

When we sell options we have some advantages like
Over 80% options normally expire worthless.Institutions & banks sell these and get credit as options expire.buyers uually look at sky and do nothing as option valu keeps falling.Most traders are unaware of option risk management basics. Unlike stocks, you cant manage options with 5% risk,you need wider risk like 20 or 30%.
1.odds are with you over 70% of time.
2.time helps you as expiry nearing.Time value favours sellers.
1 selling options involves more capital.
2.risk management needs skill & practice.
3.ONE must know how to adjust positions as market changes its condition.

One basic problem is drawing pay off diagram.
we need a software tool.most tools dont give nifty data.

Please comment
what strategies to use for non directional trading.
name of strategy,concept,chart or pay off diagram
managing position

thanks & best regards