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Strangles require that the underlying move substantially and directionally, although obviously the direction doesn't matter. So, let's think about some of the challenges with strangles, especially for intraday profit.
1. You need to find underlying instruments that move a lot in a day.
2. You need those to have weekly options.
3. You need those to have liquid options.
4. You need it to move fairly early in the day. If it moves at the end of the trading day (very common) it might be difficult to exit properly.
5. You need it to have non-choppy price action.
6. You need to have a stop based on lack of motion.
7. You need a platform that supports sophisticated option trading.
On this incomplete list, some are more crucial than others. But, if you can create a watchlist that meets 1 - 5, you can start (simulated only!) dipping in your toe and see what you learn and where the tough problems are.
