We have had several opportunities this past few months to make significant plays using what I call a hidden option arbitrage strategy. Here is a simple strategy I employ when trading options. I often scan the Volatility Indexes to find rock bottom prices. When the index gives you low readings on a historical chart scale you can purchase options at a discount. You can also employ a contrarian trade if you see candles with long tweezers that are inverse to the performance of the underlying. Remember though, options are extremely risky. You can also use a strangle option trade to make sure your not on the wrong side. For every long candle shadow the next day or days have been extremely volatile. A strangle helps you profit from uncertain directions, but an expectation of market volatility. Strangle option strategy is using out-of-the money option strikes that are above and below the underlying price.