It is worth noting that ETO's follow the Underlying stocks and the study of various aspects of Options become somewhat academic after that. e.g. Implied Volatiliy with rise with a corresponding favourable move in the Underlying towards Expiry.
IMHO the best trading strategy is to study the Underlying stocks until you know their every move and the factors that influence them (e.g. NCP is often predetermined overnight by it's US ADR cousin NWS...) including T/A for timing entries and exits.
The point here is that if you can pick the entry points like the pro's then regardless of what ETO you have you will make money ... provided you have a stop-loss incorporated into your trading strategy to cut losses.
One tip that is useful is to note that generally LIQUIDITY is most often AT-THE-MONEY and we should aim to EXIT at this point.
