Building Durable Options Strategies: How I Navigate Low-Volatility Periods

Why I Built These Portfolios

After two decades in the options markets, I’ve seen fads come and go. What endures isn’t prediction, it’s process. My goal in building out the portfolios under The Option Premium is simple: create a practical resource for options traders that shows, transparently, how probability, strategy selection, and the law of large numbers work in the real world.

Every trade, hedge, and adjustment I make connects back to the same core principles. I’m not chasing lottery tickets or promising fool-proof shortcuts. My focus is on high-probability trades where the math, not my gut, does the heavy lifting. Traders don’t need another flashy “triple-your-money” pitch or a screenshot of someone’s latest windfall. What they need is a clear, structured path, strategies that compound steadily over time and fit seamlessly into a disciplined portfolio framework.

The Instructive Path

Here’s the framework I use and teach:

1. Define the Core - Base layer of trades that grind out small, repeatable edges (PMCCs, Wheel strategies).

2. Add the Income Layer - Short premium strategies (iron condors, credit spreads) that scale probability.

3. Overlay Opportunistic Trades - Tactical straddles, strangles, or earnings setups, always risk-defined.

4. Respect the Law of Large Numbers - No single trade makes or breaks the portfolio. The process is the edge.

This structure allows traders to see why each position exists, and how they complement one another. I build portfolios the same way an engineer builds a bridge, redundancy, balance, and durability.

When Volatility Falls: The Real Test

Lately, we’ve lived through several weeks of suppressed volatility. That environment forces a rethink. When implied volatility is low, premium sellers feel the squeeze: credits are smaller, risk/reward shrinks, and the temptation to “force trades” grows. That’s exactly where discipline matters most.

Here’s how I approach these periods:

• Selective Premium Selling: I scale back broad iron condors when IV rank collapses. Instead, I’ll hunt for isolated setups where skew or single-stock events still offer edge.

• Lean on Delta Trades: Low IV often means markets are trending or grinding higher. That’s when PMCCs, covered calls, and cash-secured puts shine. They add long delta exposure while still generating income.

• Use Patience as a Position: Sometimes the smartest move is to do less. Cash is optionality. Traders who over-trade low-IV environments usually donate their edge back to the market.

• Keep Hedges in Place: Even in quiet markets, I maintain small bearish structures (bear call spreads, put calendars). They may drip red P&L for weeks, but they’re cheap insurance when volatility snaps back.

What’s Worked for Me

Over the past few weeks of low volatility, these adjustments have made the difference:

• PMCC Laddering has been the workhorse, steadily churning income while participating in upside.

• Patience + Scaling: Instead of loading up on tight iron condors with skinny credits, I sized down and waited. The law of large numbers requires opportunity, but only when the probabilities are truly there.

The Takeaway

Periods of quiet volatility aren’t wasted time. They’re when discipline and structure prove their worth. My approach doesn’t depend on guessing the next market move. It depends on repeating high-probability actions, hedging sequence risk, and letting the math work over hundreds of trades.

For options traders trying to build sustainable income, the lesson is simple: volatility ebbs and flows. Your process shouldn’t.

Probabilities over predictions,

Andy Crowder

🎯 Ready to Elevate Your Options Trading?
Subscribe to The Option Premium—a free weekly newsletter delivering:
✅ Actionable strategies.
✅ Step-by-step trade breakdowns.
✅ Market insights for all conditions (bullish, bearish, or neutral).

📩 Get smarter, more confident trading insights delivered to your inbox every week.

📺 Follow Me on YouTube:
🎥 Explore in-depth tutorials, trade setups, and exclusive content to sharpen your skills.

📘 Join the conversation on Facebook.