i was able to profit from a credit spread executed last week. if you play with the volatility and identifying the support/resistance level from the chart you could hedge your position very well.
last week nifty was showing a support around 7700 and volatility was 17.3-17.4
sold 7700 pe for 89 and bought 7600 for 56.5. total credit received 89-56.5=32.5. yesterday i was able to profit from this strategy, i closed this position yesterday when nifty reached a day high of 7890 and volatility declined to 16.4.
bought back 7700 pe at 29.5, sold 7600 pe at 17.5, profit booked 20.5 points.