Hi SD, I think you might know more about spread strategies than I do, but since its such an interesting question, I'll offer my opinion, which is JUST A GUESS.
Id sell the puts only, and ignore the calls. I think the downward bias is justified and Im still bearish on QAN. The volatility levels of the puts may be overpriced tho, so Id take advantage of that by selling puts and watching the prices closely, and buying the position back when it hits a fair profit of say, 20% gain. This could be a situation where QAN consolidates, and they puts come back to a fairer price. The trick is to pick when volatility is at its highest. I know its not a combination trade tho.
Whats wrong with your bullish strategy? If you are long the stock, then your strategy is OK.
Why do you want a more nuetral position? Are you thinking of something like selling (or buying) the puts and calls at the same strike and expiry, and then waiting for the puts to pull back?
