Buy options of various strike prices for out of money options for near month and sell options for far month.
Profit Assumptions: If market stays stable or even volatile, you make good money as the time value exhausted in near month options are far lower than the time value exhausted in far month.
Example: When market is 5000, buy 4500 puts for near month and sell for far month or 5500 call strike price.
Volatility Action: If market is volatile keep booking profits in sold options and resell them on bounce back.
Risks: If market does not bounce back some losses will be faced by the investor.
Difficulty: Low volume in far month option