How to deal with implied volatility undershooting actual volatility with this investment strategy for monthly income using options?

[malcomspen]

I am thinking of doing the wheel strategy on the SPX index since it can yield a meaningful monthly yield. Provided that I sell ATM puts for CSP and ATM calls for the CC, the only risk is implied volatility undershooting actual volatility. How do I reduce that risk? Trading with IBKR.

Thank you.

One thing I can think of is to use the VIX level as a guide. But that's hit or miss.

 

[troubled soul]

sell puts with a longer expiration
iron condor is also good strategy do consider it

 

[JohnnyDoe]

Why don't you pay the modest fee asked by a fund manager to do that? Thus avoiding expensive mistakes.

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[malcomspen]

JohnnyDoe said:
Why don't you pay the modest fee asked by a fund manager to do that? Thus avoiding expensive mistakes.
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What fund(s) follow the wheel strategy?