Yes, It's a good system. I believe the leveraged version returned in the +30% range in 2019 and 2020. In a flat or slightly down market it wouldn't be near that good as it could lose depending on the timing of things. Chris Welsh from Lorintine Capital runs the Anchor Strategy and the forums for it are very informative. Here's a link that somewhat describes the trade https://steadyoptions.com/an/
The trade is a yearly long trade that has crash protection with adjustments going on as needed. Primarly you will be rolling the shorts every 2 weeks or when you have made your $. Attached is a screen shot of approx. what your risk graph would look like if you put a trade on today.
This is not discretionary at all. There are very clear rules how and when to do the adjustments.Have you been able to determine guidelines for the short puts? It seems to me this is very discretionary and--depending on the nature of a potential crash, may or may not result in big losses.
If I were playing devil's advocate, I might argue this threatens the viability of the trade as a core holding.