The strategy is as simple as I can make it, which of course was my intent.

From the Intro: "If the call options are above their open, buy the calls; if the put options are above their open, buy the puts.

That’s it, that’s all there is to this, but use a stop-loss to control risk."

And that IS it. I use a new low for the day as the stop loss. Once the call or the put triggers a buy above its open whatever is the low of the day at that time is the stop. When this strategy loses money it is usually on choppy days when both sides trigger and stop out and sometimes trigger buys again with deeper stop losses but this strategy for the small-time trader is better long term than owning a casino is Las Vegas.