A chart of the QQQ ETF is shown below with the current breakout from the recent downtrend.
The QQQ's being up close to 5% in the last 2 weeks has relatively low IV and has made a nice move.
A trader who may be slightly bearish here or think the ETF may base for a while could look at a put calender spread.
A example might be a March/April 107 or 106 put spread. Selling the front month option and looking for it to decay faster than back month a 25-50% profit would be the target here.
The max loss would be the debit paid for the spread.