You expect the volatility on the SP $500$ index to be about $25\%$ over the coming three months.

However, you observe that the VIX $($SP$500$ implied vol index$)$ is currenlty trading for $18.$

Assuming that your expectations are correct, what strategy would be best to exploit this opportunity. You can assume that you have cash on hand to make whatever investments are needed.

Write a Put and Buy a Call on the SP $500$ Index

Buy a Put and Buy a Call on the SP $500$ Index

Write a Put and Write a Call on the SP $500$ Index

Buy the SP $500$ Index and Write a call.