Premium sellers look to make trades where comparatively high exists in either an individual underlying or an broad index or sector , and the general go-to strategies for doing that are either via short strangle or iron condor. That being said, sometimes the price of the underlying is too small to provide enough "juice" to make a high vol premium selling trade worthwhile if you use a short strangle or iron condor. In that event, consider a short strangle, which provides a great max profit opportunity. Here's an example of one -- CNX , with a current IVR of 99 (52-week TOS). Using the Oct 16 expiry, going by way of short strangle doesn't give you a heck of a lot -- the 9/20 short strangle yields a .59 credit, an iron condor even less. But a 15/15 short straddle yields a whopping 3.51 credit.
Here are the metrics for the setup:
Max Profit/BPE: 3.51/contract; BPE is undefined
Notes: Dough/TastyTrade has conducted a little research on short straddles and advises to take them off at 25% max profit, which, in this particular case would yield about .88 in credit as compared to the .59 credit for the 1 SD short strangle, which I would generally take off at 50% profit (i.e., upon realizing a .30 credit profit).
The other possibility to consider is a short strangle with expected strikes at the edge of the expected move (e.g., an Oct 16 11/17 short strangle; POP 58%; Max Profit: 1.42 credit; BE's at 9.58/18.42), which I would take off at a 50% max profit (or for a .71 credit profit).