As I may have previously mentioned, it's my habit to stick with broad index ETF , SPX             , or RUT plays when there is sufficient volatility there and to pass over plays in individual underlyings. These SPY             plays aren't sexy, unfortunately, and they aren't the kind of "boom, kapow!" plays that earnings are ... . Nevertheless, bread and butter is bread and butter.

Here's my standard SPY             iron condor with the call side set up at the edge of the expected move for the expiration and the put side setup around the 1 SD             line (84% Probability Out of the Money):

Feb 26th 173/176/201/204 SPY             iron condor
Probability of Profit: 62%
Max Profit: $100/contract
Buying Power Effect: ~$200
Break Evens: 175/202

Notes: Unlike some of the longer-dated "dynamic" iron condors where I roll the put/call sides toward current price when it's profitable to do so, I'll look to take this entire setup off as a unit at 50% profit and then redeploy the buying power .... .
Comment: No surprise that I didn't get a fill on this down move. That's actually a good thing, since the strikes will now be different for any setup I look at next week.
Comment: Eventually went with a Feb 19th 170/174/197/201 iron condor for a 1.07 credit.
Comment: With Friday's up move, I may look at delta balancing both this and the Feb 26th SPY IC early next week by rolling up the short put sides a touch within the same expiry, assuming I can get decent credit to do that.
Comment: Rolled the Feb 19th 170/174 up to the 180.5/184.5 (same expiry) for an additional .35 credit.
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