In my opinion, the most successful options strategy is to sell put credit spreads during a bull market (and call credit spreads during a bear market). I trade spreads because of the defined risk characteristics (you have a defined maximum loss when entering the trade). Plus, vertical credit spreads are more capital efficient.
The strategy involves buying put options of the stock that we are holding and on which we have a bullish view. If the price of the underlying rises, then we shall make profits whereas if the price falls then the loss will be limited to the premium that is paid for the put option. This strategy is similar to the Protective Put options strategy.
This is one of the most popular Options Trading strategies for consistent monthly income. This is a non directional strategy consisting of 4 legs. That means you need to trade 4 option positions simultaneously to execute this strategy. Due to this reason, the margin required for this strategy is little higher.