Summary: In the past, we have had many studies on the performance of [Strangles](https://www.tastytrade.com/tt/learn/strangle). Today, tastytrade's Research team aimed to add more color to this neutral strategy with enhanced visuals and more metrics. ### Study: * SPY, 2005-2015 * 1 [Standard Deviation](https://www.tastytrade.com/tt/learn/standard-deviation) Strangle * 45 DTE * Entered on every trading day * Compared results: * Held to [expiration](https://www.tastytrade.com/tt/learn/expiration) * [Managed](https://www.tastytrade.com/tt/learn/managing-winners) at 50% ### Results * Managing winners helped turn half of small losers into winners * Selling premium at [Higher IV](https://www.tastytrade.com/tt/learn/measuring-implied-volatility) levels collected more premium and improved overall P/L. * In some cases, the large losses occurred before the trades could be managed for winners.
