I wait for what I think is a short term top and sell some Bull Call spreads on SPX not SPY ( SPX in a retirement account settles differently and they can't call a leg away from me, I use SPY for charts because SPX is End of day pricing in Tradingview), Anyway, I then watch and see if the price continues up or heads back down. I sometimes sell a couple of groups of spreads if the top goes higher but I don't chase the price up more than once. I have read various material on Iron Condors and coming up with a Risk Reward ratio is a personal thing and knowing when to get out of a "loser" is a practiced skill, so I'm sure everyone is different on what they are comfortable with. I will risk up to about $10,000 to make $1000 if the trend and support or resistance all seem to line up for me.
So after buying the Bull Call spreads the price tends to come back down and I then look for a potential bottom and then sell a Bull Put Spread. Usually in the same quantities as the Bull Call spreads, thus forming the Iron Condors. When I sell either side I look for support or resistance and then look for support levels that are further out of the money and then pick those as my selling points. So if SPY is going down and it looks to be bottoming at 207.50 I might go all the way down to just below the support line (circles) of 200. So i sell the 199 -189 Bull Put spread about 35-45 days out. I do all of this during mornings and lunch hours and only seem to sell heavily a couple times a month and am basically selling Time Decay. I have done well this year but working a full time job and jumping on the internet to do trades is not easy when you can only check 3 times a day. I have to go work now.