With an IVR             at 51 and VIX             at 27, here's an example of an IWM             trade I would put on were I not to have done the SPY             IC             I did earlier today:

Nov 20 94/98/116/119 Iron Condor
POP: 61%
Max Profit: 1.02
Buying Power Effect: 2.98
Break-Evens: 96.98/117.02
Delta: -3.71
Theta: 1.53

It's a bit longer in duration than I'd normally like, but I wouldn't look a gift horse in the mouth when you can get 1/3rd the width of your strikes ... . Look to take the entire set-up off at 50% max profit.
Sure, was in a bit of a rush this morning ... . 94 long put; 98 short put; 116 short call; 119 long call. So, you buy the 94 put, sell the 98 put, sell the 116 call, and buy the 119. Most options platforms let you do all these legs in one single setup, so you won't actually do each option individually. Some traders leg into one side or "wing" of the iron condor and then leg into the other, since it is easier to get a fill that way. Max Profit: the maximum profit is what you can get out of the trade if everything expires worthless (i.e., price is above the 98 short put and below the 116 short call at expiration). In this case, it's 1.02/contract. Each contract represents 100 shares of the underlying, so the max profit is $102.00 (100 x 1.02). BPE or Buying Power Effect is the amount that will take you in cash and/or margin to put on the trade; in this case, it's 2.98 or $298.
Can you describe in more detail? You sell the 98 puts and buy the 94 puts and also sell the 116 calls and buy the 119 calls?

How much do you pay for the position? I see the max profit is 1.02, but can you explain it in more detail?
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