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How do option traders choose their strikes and maturities ? Like why would one roll XX% puts in their protection leg instead of YY% puts, or why choose specifically XX%/YY% as the strikes in a strangle to bet on volatility and not something else etc... I know there are some explanations like "it's the combination that yields the lowest mean delta" or "its the strategy that works the most" but for some reason I don't like them, it's too close to over fitting in backtesting.

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If the strategy does not depend on the maturity or strikes (which is rarely true), it is chosen with the available options in the market: the option market is very illiquid, so building a strategy will be a lot cheaper if you use the most liquid strikes/maturities

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