A few days back, I analyzed the relationship between OTM put Delta and Theta to understand how time decays for my short iron condors with different short put strikes.
I selected a short RUT put strike of Delta -0.22 in my 20 point wide put spread and another RUT short put strike of Delta -0.25. I kept the call spread within the iron condor the same in this analysis. The former (Delta = -0.22) had a slightly higher Theta (8.28) and Delta (-4.8) as shown in the graph below, while the Vega was similar (actually slightly higher as well) in both cases.
as analyzed in a previous post), this farther OTM selection suits my strategy well and it provides higher probability as well. The cost of the change is less credit at the opening( but it does not cause slightly lower profit at the exit as one would expect).