Here's the setup I put on today at NY open:
SPX Feb 5th 1785/1795/1930/1940 Iron Condor
Probability of Profit: 60%
Max Profit: $385/contract
It's a very nearly delta neutral setup with the short call strike at the expected move for the expiration and the short put strike at the 84% probability/1 standard deviation line.
I will take the whole setup off at 50% max profit and/or wings off separately at near worthless.
As with all setups, I am prepared to roll a tested side out if that occurs (ordinarily for a debit) and sell an oppositional side against for a credit such that I receive a net credit for the sold oppositional side minus the debit for the roll of the tested side. In that case, I'll look to work that rolled out setup to scratch and/or profit ... .