[TinGull]

I agree in the recent landscape options are much tougher than they were even a year ago. Premiums are stupid cheap and selling them isn't making as much coin for the risk as it used to, and buying them...well, buying is fine to a point, but you do have to increase the risk exposure to make the same amount when premiums don't increase in the amounts they used to. There just hasnt been the volatility in the marketplace since last August to provide a good opportunity, IMO, to trade options.

[darthtrader]

waveslider, you might want to check out Jim Leitner's interview in Inside The House of Money. He has some interesting ideas on buying options and as he puts it "paying someone else to do your risk management for you". He uses a much longer time frame though than a week. I'm not there are many valid strategies for buying options on that time vs the stock as i would think any benefits you would gain from diversification you would lose on the spread and eating theta on the overall portfolio.
I would think you would be much better off going with strategies that are short theta.

[waveslider]

Thanks for those specific and to the rest of you all for advice. Does it make sense to look for vertical spreads with short theta (combining your idea with tingull's).

The strategies I have developed for ETFs take advantage of short term volatility, so I am thinking that spreads might be wide during times I would want to enter, is this true?

Is it better to enter options trades in times of low volatility or can you stick a limit order out there that could get hit.
In my investigation, there are quite a few ETFs which have options with decent volume.

I will look at the Leitner interview, but it sounds like it might not be an exact fit due to the time frame he trades.

[TinGull]

If you're wanting to sell spreads, you need high volatility to capture premium. If you're buying them, you want the lowest volatility possible so you pay the least amount for those options.

[walterw]

I understand there are some softwares that scan for this type of oportunities, is some one familiar with that ?

[darthtrader]

walterw, you should check out the think or swim demo, it has really nice options tools, i would think it can do what you need.

i'm sure option station for TS could do this. any of you TS guys use option station?