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.