I have learnt quite a lot from seniors in Traderji, many thanks to them and the site. As a novice, I have done quite a bit of naked trades and have mostly lost money. Only recently, I have started using the 'neutral' strategy - strangle. Trading in long strangles is essentially trading volatility. Today, initiated a long strangle 8200CE + 7900PE at Rs 105.4 (around 01.25PM, VIX was 12.9) and closed the position at 02.08PM at Rs 112 (VIX around 13.2). Even if the up move is very big and VIX falls, since delta of the call increases and put decreases, the strategy will pay. This was seen in today's trade as well when the market moved from 7950 to 8000.