Max Profit: $221/contract
50 Max: $110/contract
Max Loss/Buying Power Effect: $1279/contract
ROC: 17.3% at Max/8.6% at 50 Max
Break Evens: 1342.79/1687.21
Notes: A small, defined, high POP%-age engagement trade. This particular trade isn't very "tasty," since it goes out beyond that 45 days 'til expiry wheelhouse, sells strikes that are farther out of the money (the 10 deltas), doesn't collect nearly one-third the width of the strikes on fill, and isn't put on in an "ideal" premium selling environment. The trade-offs of doing things this way is a higher probability of profit (this one's around 74%), more room to be wrong relative to current price, and a slightly higher implied metric in the back month relative to shorter duration.
I'm choosing RUT here over SPX , NDX, and IWM due to better liquidity relative to the other indices, as well as the lack of assignment risk versus IWM .
Will look to take profit at 50% max and manage intratrade on side test and/or side approaching worthless.