In this particular case, I'm looking to keep setups in queue in the event that this lower hangs about for several weeks and, after looking at the implied for April, May, and June, have concluded that implied in SPY options doesn't begin to "regularize" until the June expiry: April's IV is 17.2%; May's, 18.7%; and June's, 19.9%, after which the IV%-age pretty much hangs around the 20% area for the remainder of the year.
Here's the setup:
June 17th 177/181/215/219 Iron Condor
Probability of Profit: 61%
Max Profit: $104/contract
Buying Power Effect: $296/contract
Notes: Naturally, this is quite far out in time, and a lot of stuff can happen between now and then. Consequently, I like to keep these longer dated setups small relative to my 45 DTE and under setups, so that I don't have a ton of buying power tied up while I'm waiting for the statistical probabilities to play out.