My options strategy: buying and selling FEAR (Vega)

It’s pretty simple;

When the market is cool but fear could rise (think weeks-months before earnings or major announcement), I buy double diagonal spreads. As long as the price stays in my range before the announcement, and IV rises, I make money.

The days before the announcement, the market is now hot. I sell to close the double diagonal (profit off that rising fear) and immediately sell to open an iron condor. Next morning, news hits, fear plummets, and I buy back the iron condor for 25-50% off what I sold it for.

Rinse and repeat throughout scheduled announcements.

Thoughts on this strategy? My intention is to pay less attention to price point (which I’m bad at determining direction) and instead focus entirely on market excitement (which I’ve always been good at finding, but by then it’s too late for a normal investment to make money).