Options traders are focusing on a calendar spread strategy to profit from the market's current calm. Girish Patil, manager-derivatives at Antique Stockbroking, said, "There is scope for money to be made by selling current month vols (implied volatility) and buying September vols." This means traders sell options in the August series to help pay for buying options in September. With few days left for the August expiry on 26th, volatility in this series is unlikely to rise, Patil added. The September series expires on 30th September. Shailesh Kadam, AVP-derivatives at PINC Research, explained, "Selling Nifty 5500 calls options in the August series and buying the same contract in the September series is a good strategy in this kind of a market." He said this approach bets that Nifty will stay below 5500 in August but expects a positive tone next month. Over the past month, Nifty has stayed between 5350 and 5450, which kept the volatility index between 15-20%, the lowest since January 2008. This suggests traders are relaxed about near-term market risks. Brokers note option buyers have struggled due to no big market moves. One institutional broking house head said, "Vol buyers have lost their money, while sellers don’t have the courage to sell vols at such low levels." He concluded, "So, unless there is a sharp move, calendar spread appears to be the best strategy."