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I think I am meeting you half way from the other end of rarely trading anything other than CL. Over 12 months ago this thread inspired me to look for diversification. There is a great deal to learn about different commodities. They are all different and have different features. No where near the simplicity of equity options. But those commodities mentioned such a S, HE, C and others do offer opportunities. I think it is about a mix of skills. Diversity is not just about different assets. It is about different trading strategies and techniques. I would even say technical analysis can be a great help to the option seller. I have also found starting to understand the demand and supply of a commodity, current market factors with seasonal patterns provides confidence for trades a signal minded approach to DOTM selling might others ignore. The journey and game is forever entertaining.
It appears you are using the TOS platform. This is a complex position with a lot of commissions.
I think it would be better to use simulation for this before using real money. You might be surprised at how
much you can lose.
FWIW, the implied volatility in coffee is at a 9+ year high (my records only go back to late 2004) and there is a pretty healthy call skew, i.e. you can sell 100% or more OTM at 15-20 IV points higher than ATM, which is currently around 55%.
Of course, given the drought in Brazil and the annual frost scare, you might have some sleepless nights and a depleted bank account if prices and IV spike from their already steep levels. Kind of like natural gas did in Jan/Feb.
re NG i lost loads on the increase in margin calls - i had money to cover the ramp in vol/premiums but didnt factor in margin increases by the exchange. so its important to be aware of the possibility of these also.
The thing that appears as a negative for this spread is the high negative gamma ( -42) . High negative gamma is like
sitting on the top of a ball. Any direction you go you will lose. Negative gamma is bad for a positive theta spread.