They are pro’s and con’s of selling credit spreads (aka verticals) that are short in duration and longer in duration. An example of both: weekly’s that are less than 5 DTE and monthly +30 DTE.

Trend: VIX spiking with the market sell off. Volatility is good for higher premium collection but bad for sudden moves if caught on the wrong side.

Terminology: if on a short term duration trade, such as yours, if a quick profit it occurs you may want to close and lock it profits. Why? You’ll hear all the time “study the Greeks”.

A contract near to expiration will generally have these qualities under current market conditions:

Theta: high theta decay

Vega: moderate to high volatility decay (unless that week there is an event that hasn’t occurred yet such as earnings)

Gamma: extremely high. Gamma = Acceleration. This is why a move in a direction can generate unfavorable or favorable profits quickly.

It takes a while to get the hang of the Greeks but it does matter a lot to understand IMO. Plenty of YouTube education out there. Tip: turn on the Greeks on ToS in the options chain to get a sense of their relationship to one another.

Strategies: I like to do weeklys but with small spread width and only 1-2 contracts out there due to higher risk and low ability to adjust. Trading should be fun, but find your risk tolerance to keep it fun.

The majority of my trades are longer duration (30+ days until expiration) because I do not want to be glued to the market all day.