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The following is the chart of Delta Airlines. The stock moved between the price of $52 and $62 for the last 6 months or so. Looking at this chart, someone who bought a PUT or CALL at the strike price $57 for $2 per option may not make much profit because the price has not moved much on either side.

Being less volatile is good, but what strategies can be used to make profit for such stocks that don't move much on either side?

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In your 6 month chart, Delta went from $56 to $63 to $56 to $60 to $52 to $57. That certainly presented a number of opportunities to double your option money or better if you had the magical ability to figure out when to be directionally long or when to be short as well as how to avoid being long or short during August/September when DAL range traded between $56 and $59. Good luck with that :->)

To answer your question, low risk neutral option strategies include calendar spreads, butterflies, iron condors, calendar straddles.

There are a number of other strategies that can be employed when you have a neutral outlook but they are by no means low risk: covered calls, covered puts, short calls, short puts, short strangles, short straddles.

In all cases, you're selling short term premium in the hope that price doesn't move against you and time decay works its magic.

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