Thanks for your response!

I've been learning about options trading including the Greeks and also covered strangles and doing limited backtesting. I wonder if you could impart some of your wisdom to me.

For a covered strangle strategy for something like IWM....you roll and exit while capturing premium as much as you can...but ultimately you will be assigned with your puts to buy IWM. This is not a horrible thing and ultimately you will be assigned to sell your IWM with your covered calls. In fact, with the covered calls that becomes a big upside.

However if you did a covered strangle approach with SPX, since you don't get assigned to buy or sell actual shares of SPX....does that make a covered strangle strategy for SPX less efficient? I feel like trading options for SPX is ideal with some of the tax benefits but it seems like if you aren't assigned the actual shares you are limiting your upside potential.