This is one of my favorite trades:
Look for a day where there can be a big move (end of quarter rebalancing, earnings, big event) and look for SPX Calls and Puts that are around 30 points out.
So today it was: 5737
SPX 5705 PUT for .55
SPX 5765 CALL for .55
As you can see this prices were around 2PM EST so 2 hours before market close. I also like to wait for last hour and pick them up for .30
Today the PUT went from $.55 to $11+ within like 15 minutes.
$SPX $SPY $NDX $QQQ