Currently, the highest IVR SPDR that pops up on my screener is XOP . XOP , OIH , and related individual underlyings have continuously been at the forefront for several weeks running here, so it's no surprise they're there yet again.
XOP's current IVR/IV is nothing to go gah-gah over (45/45), but some consider anything more than an IVR of 35 to be "worthwhile" in an (obviously higher is better, since higher IVR and higher IV generally makes for a richer premium). Me personally, I look for a 70th percentile IVR as a general matter, but with a good deal of sidelined buying power, a waning calendar, and the possibility of a 1.00+ credit premium to be sold for the setup ... . Well, sometimes you just have to settle for less ... .
Here's the standard setup:
Jan 8th XOP 32.5/43 short strangle
Max Profit: $104/contract
Notes: I generally consider a "standard" iron condor or short strangle setup as a setup that has its short strikes at the 1 standard deviation line.
In this particular case, the break evens (31.46 and 44 .04) fit in comfortable with August to date range bound price action, which is nice ... .