Sell at the money call and put.
This strategy holds very well when market is stable. At the money options are sold without hedging and squared up when the time value decrease after some time.
Profit Assumptions: If market stays stable, you make good money as the time value paid will decrease as time goes by and no cost is initially involved for hedging.
Example: Sell 5000 call and put and wait for markets to move in either direction. If the time value received is 400 for the set we end up making profits if volatility is less than 400.
Volatility Action: When the volatility is more than the time value received we hedge our losses by buying or selling future.
Risk: This is risky strategy as if the volatility is suddenly more than the time value received the losses will be certain but hold good when market is stable and outputs maximum profits.