Nifty options strategy for range bound market, High risk trade setup

It is always observed that when markets lack triggers we see sideways move, these triggers may be results, global markets, news, important data release. Now I will teach you how traders can benefit of this range bound movements, this strategy is based on nifty options. First of all find nifty call options that has highest open interest note it down, and then look for nifty put option that has again highest open interest. If markets are in range if still lacks the trigger and it is only mid of the month, then only one must execute this strategy. Now you need to go short on nifty call option and nifty put option which had highest open interest. This strategy uses time decay that nifty option faces at the period of F&O expiry, as we are writing nifty options hence risk will be much higher compared to profits.

Let me elaborate with an example:

Consider Nifty 5500 call option and Nifty 5100 put option has highest open interest, assume total combined premium is 240 and you have shorted those options in same quantities. Now if nifty future expires in between 5500 and 5100 then total gain will be 240 points. However if nifty future has broken this range then trader would have suffered losses.