With SPY locked in a fairly long-term range between approximately 204 and 213, I have frequently taken advantage of short call verticals over the past several weeks with break evens for the spread at or above 2015 highs, whether as a standalone strategy or when legging into an iron condor (which consists of a short call vertical and a short put vertical). Although I would prefer that SPY's 6-Month Dough IVR be greater than 35 in order to maximize potential profit from premium, it is not currently horrible (31) ... .
Sep 4 213.5/216.5 Short Call Vertical
Max Profit: $67
Max Loss: $233
Notes: I generally set these up as near to 45 DTE as practicable. It seems like quite a bit of time out, but I generally look to exit these trades at 50% max profit, since various studies have shown that this represents a profitability "sweet spot" for many strategies. Moreover, I virtually continuously put index trades on so that I constantly have something in the hopper from here to 45 DTE ... .