What is Theta Gang?

Theta Gang is the options trading strategy that mostly collects premium through selling short position options instead of buying long position options. The idea being that one of the main ways to profit from options is to benefit from the time decay (Theta) of the option price.

How does Theta Gang make money? By selling options to the degenerate traders in the popular subreddit r/wallstreetbets. Buying options with lofty strike prices and short expiration dates is a very risky trade. Although there are still significant risks involved, Thetagang traders accept the risks by taking the other side of that trade in exchange for premium, essentially a bet that the stock is unlikely to breach the strike price of the contract by the expiration date.

What are some popular Theta Gang strategies?