Here is a view of the RLS settlement value for the last 3.5 years. The key takeaway here is the RLS settlement value changed more than 60 points between options expiry 6 times. 5 of which occurred in 2008 (Jan, Aug, Oct, Nov, Dec).
Based on this, TNAPS’ strategy is to sell 150-170 point spreads for a decent chance at booking profit with a target of 5-8%. You won’t hit any home runs with this method, but hopefully you’ll pick up some steady income. But one replay of 2008 and you’re toast. ^_^