So many bizarre answers for such a simple question. Let me give an example since it's not clear what I am asking Krugman25: "Can someone tell me a strategy I can use if I think a stock is going to break out, but not sure what direction" Some random EliteTrader user: "A long straddle is one strategy". See, it's really not that hard. While everyone was busy not answering my question I think I stumbled upon another strategy to trade contango, a futures long calendar spread. Does anyone regularly trade these spreads, long the front month and short the deferred, and can offer their thoughts.
"a futures long calendar spread" Depending on the commodity that is a volatility or seasonality trade not a contango trade. "So many bizarre answers for such a simple question." That is because you are not bothering to understand why contango exists.