Let's see if we can squeeze out some more safe premium from the May cycle. We'll start with the bull put spread. With the SPX trading at about 1290.
Sell 12 SPX May 1215 puts - SZPQC
Buy 12 SPX May 1200 puts - SZPQT
Credit of about $.65 ($780)
It's a reasonable order. You may have to adjust your credit limit, but this is a good place to start. We'll worry about the bear call spread later.
Maintenance is $18,000.
Good luck and trade smart!!