Here's the way to set up a neutral strategy called "The Iron Condor" With the market near all time highs, this could be one way that you could add a strategy to take advantage of a sideways move in prices.
The max profit of this trade is the credit received. You're gonna be selling the spread, meaning you're gonna be taking in a credit.
Your max risk in this trade is gonna be the width of the strikes minus the credit you've received. The ideal setup of this trade is high implied volatility rank and we're gonna be selling an out of the money call spread and you're going to combine that with an out of the money put spread.