Buy in the money options and out of money options and sell the at the money options but of the closest strike price to cash price prevailing.
Profit Assumptions: If market stays stable, you make good money as the time value paid in bought options is far lower then the time value recd by selling at the money options.
Example: When market is 5000, buy 4900 call and 5100 call and sell 2 calls of 5000 value.
Volatility Action: Book Profits for favorable Options and wait for bounce back.
Risks: This is the only form of strategy which have the minimum risk as the time value paid in the buying options are almost to those paid for buying options.