With VIX decreasing, trading Vega negative strategies is highly attractive.
SPY and/or SPX Iron Condors (or Butterflies) are the obvious choice in this environment.
I am trading some income strategies that give more flexibility for adjustments using structured variations, like the SPX Best or SPY Ride trades.
They give a bit more room to manage risk (Delta, mainly) when the price starts pushing to extremes.
Does anyone trades income strategies? Which ones are you trading?