As traders saw Friday, market volatility is hardly dead. The disappointing jobs report threw a further roadblock into the two-week rally in stocks, pushing the market back into a state of flux.

In this rapidly changing environment, weekly options can give nimble traders a chance to get paid 52 times a year, rather than waiting for the standard monthly expiration period.

Here are three weekly optons trades that could bring you a substantial profit in less than a week:

An Apple Butterfly

Recommended by: John Kmiecik, MarketTaker.com

A long butterfly spread offers a way to “sell volatility” while removing some risk associated with naked options. It involves selling two options at one strike and the purchasing options above and below, each equidistant from the sold strikes. The spread can be implemented using all calls or all puts.

The goal of the trade is to benefit from time decay as the stock moves closer to the short options strike price at expiration. The short options expire worthless or have lost significant value and the lower strike call on a long call butterfly or higher strike put for a long put butterfly have only intrinsic value.

You’ll need to forecast a stock price in one week from now with weekly options. If you’re more confident about the price target, you can narrow the “wings” and thus narrow the cost of the spread. If you’re less confident about price, you can expand the wings of the spread, but that also increases the cost of the trade.

Apple (NASDAQ:AAPL) has been in the news a lot this past week. For most of August, the stock has been trading between $355 and $400. A long AAPL “butterfly spread” attempts to capture the stock’s movement for the next week and take advantage of time decay as well. This trade is set up to be slightly bearish on AAPL.

The trade: Buy Sept. 9, 2011 360/370/380 Put Butterfly Spread

Buy 1 Sept-09 360 put – $1.40

Sell 2 Sept-09 370 put – $2.60

Buy 1 Sept-09 380 put – $5.60

Total cost of the trade and maximum loss: $1.80, which would occur if AAPL finished below $360 or above $380 at expiration.

Maximum profit: $8.20 (10 strike difference – $1.80 debit). This would occur if AAPL is trading at $370 at expiration.

The butterfly spread has two break-even points. Add the net debit to the lowest strike and subtract the net debit from the highest strike. $361.80 and $378.20 are the break-even points.

If AAPL finishes between the break-even points at expiration, the trade will be profitable.

One usual disadvantage of a butterfly spread is that its maximum profit potential is reached close to expiration. With weekly options, this is more of an advantage because expiration is in just one week. Option butterflies make it possible to trade markets that might otherwise prove difficult.

This trade can be exited before expiration for a smaller profit or smaller loss, if need be.

Buy EEM Puts

Recommended by: Chris Johnson & John Lewis, Editors, The Winning Edge

After a few weeks of rallying, the market is nearing some potential resistance.  Unfortunately, the potential resistance the market faces also comes from a healthy dose of bearish seasonality, courtesy of the historically bad month of September.

We’ve heard the term “risk on” pop up on the news again lately as analysts suggest that investors are putting money back into some of the riskier sectors in the market.  This suggests that these same sectors will get hit faster and harder if the market sees a run of selling pressure.

For that reason, we’re taking the opportunity to add a market hedge using weekly options on the iShares MSCI Emerging Markets Index (NYSE:EEM).  After rallying 6.25 percent over the last week, the charts are suggesting that a reasonable downside target for the EEM is $40.  Buy the September 9 42 put for $1.50 or less to take advantage of the short-term drawdown in the EEM shares.

SPY – Bear Put Spread

Recommended by: Tyler Craig, Tyler’s Trading

While weekly options may have become the trading vehicle of choice for many speculative traders, they can also be strategically used as a hedging tool.  Take the current posture of the overall market for instance. Ever since the successful re-test of the 1120 low on the S&P 500 Index, the market has staged a pretty impressive 10% rally (until its job-induced pullback on Friday).

While the bulls may tout this as evidence that the market has officially bottomed, the weekly trend of the market is still down.  If traders aggressively sell into this rally now, it may be an appropriate time to snatch up some protection using weekly options on the SPDR S&P 500 (NYSE:SPY) exchange-traded fund.

Rather than purchasing put options outright, I like the idea of reducing the cost of the trade by entering a put spread.  With the SPY currently trading around $121, traders could buy to open the Sept. weekly 121 put and sell to open the Sept. weekly 117 put for a net debit around $1.  The maximum risk in the trade is limited to the $100 paid at trade inception and the maximum reward is $290.  This trade is appropriate for either bearish traders looking to profit from a decline in the market next week — or those with bullish positions seeking a relatively inexpensive hedge.