Since last few months despite India Vix levels or news inflow, volatility on Index is increasing massively on Intraday time frame. So this is the time frame I am trying to ignore now.
What I have observed is that most of the time option strategy view is right, but the induced volatility by market makers is very high. Index is made volatile so as to:
1. Distort the Option Prices and keep it elevated and dangerous till 2:30 pm of Exiry Day.
2. Deliberate stoploss are hit that way.
3. Margin calls are generated and retail accounts are being wiped (I am thankful to have survived this). This is deliberately done to push retail out of option market.
So, slowly and steadily I am ignoring the intraday trading.
Today, I have traded and ignored the intraday swing whole day. At around 02:50 pm Nifty started to come out of no trade zone and at 11950, I first sold Calls of 12100. I knew if days channel is broken I will get a nice entry on strangle. At around 3:20 pm I initiated a second leg and sold 11750 PE.