If you are in Indian markets, something like 3%  to 5% monthly is possible with strategies like iron condor  &  short strangle. Again returns majorly depends upon market understanding and that come with experience.

Knowing a strategy alone is not sufficient. You must know how to execute a strategy.

Many great strategies are there, but we need to understand the implications of market movements for each of these strategies and what adjustments we should do to take care of market swings in order to protect capital as well as generate monthly income. These can be learned with experience , which can be yours or somebody else’s.

How about a covered call strategy. Can one build monthly income using covered call? At times short strangle looks risky when the volatility of the market spikes up.