With VIX ripping on today's bank FUD the IV Rank and IV Percentile of SPY is the highest in a year's worth of trading days. This sets up opportunities for premium selling that have not existed for a very long time.
Rules: SELL the 20 Delta Strikes at 45 DTE or greater in monthly expirations. BUY wings at 10 Delta Strikes same DTE
That ended up being:
SELL May 350 Put SELL May 414 Call BUY May 325 Put BUY May 425 Call
For 4.64 Credit.
The plan is to "manage deltas" and keep this position delta neutral through the duration until 50% credit received. That means if the sides get tested directionally roll up the untested side, increasing credit, to get the delta back to as close to 0 as is reasonable.