Buy in the money options and out of money options and sell the at the money options
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 4700 put and 5300 call and sell call & put of 5000 value.
Volatility Action: If market moves in one direction, book profits in favorable options by shifting the strike price 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 much lower than the time value recd by selling options. Even though the strategy is hedged completely there will be losses if the volatility exceeds the hedged strike prices.
Difficulty: it is difficult to get in the money options at appropriate price as the volumes are very low the buyer seller difference is also wide.