Buy Call and Put for far month and sell Call and Put for near month of same strike price and hedge it by buying Out of Money Options.
Profit Assumptions: If market stays stable, you make good money as the time value exhausted in far month will be far lower than the time value exhausted in near month. If market is volatile book profits in sold options. Also book profits in out of money options.
Example: When market is 6000, sell 6000 call and put for near month and buy call and put for far month. Hedge it by buying 5600 put and 6400 call.
Volatility Action: If market moves down buy the sold call and vice versa for bullish market. On extreme volatility profits are generated by 5600 put or 6400 call.
Risks: This is the only form of strategy which has the minimum risk as the time value exhausted in sold options is more than the options bought and well hedged by out of money options.