A Wall Street chief strategist says the stock market is overdue for some severe turbulence — and he's identified 3 cheap trades for investors to take advantage

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The cost of being wrong in the options market has rarely been lower, according to BTIG's Julian Emanuel.

Stock-market volatility has remained low this year even though various gauges of uncertainty have surged.

He offered options trades that are poised to profit from sharp moves in the market, be they up or down.Sure, it can wipe out several years of gains in a few minutes at its worst. But it also creates tactical opportunities for traders to profit from sharp moves in either direction. "In many ways the quiet is almost eerie, given the uncertainties, the last six months' market action and the absolute low levels across assets," Emanuel said.

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