Directional Theta Portfolio Using Different Underlyings — Anyone Doing Something Similar?

I'm a big fan of strangles, but when it comes to harvesting theta, I find it difficult not to have a directional bias.

For me, the ideal time to sell a CALL is after the underlying has already had a strong run, while for PUTs I prefer the opposite, selling them after a significant decline. I focus on reliable, relatively low-volatility stocks.

Lately, I've been testing a theta portfolio in my paper account using this approach:

* **CALLs:** stocks that have already run up significantly or are near a resistance zone
* **PUTs:** stocks that have sold off significantly or are near a support zone
* **Delta:** between 5 and 15
* **DTE:** 30–45
* Closing positions at around **20–50% profit**
* Stopping out only when the underlying gets close to the strike

So my portfolio always has a mix of CALLs and PUTs, but on different stocks.

In a way, you could think of it as a **short strangle across different underlyings**, but with a directional bias based on mean reversion. I'm essentially betting that stocks that have moved significantly in one direction will eventually retrace, or at least that their movement will slow down.

This has been working very well in my paper account so far. Of course, I know the risks involved with naked options, including the possibility of multiple positions being stopped out at the same time. The idea is not to use leverage, but rather to manage the portfolio so that the overall exposure remains controlled.

I'm curious if anyone here is doing something similar.

Is there a specific name for this approach? If you've seen a Reddit discussion, article, or even a good YouTube video covering something along these lines, I'd really appreciate the link.

I'm mainly trying to understand the different ways this can play out and learn from people who have actually traded this type of approach.