Yes, you read that right. I'm getting ahead start on our July positions.
Sell 12 July SPX 1165 puts - SPTSM
Buy 12 July SPX 1150 puts - SPTSJ
Credit of $.60 ($720)
That's a 110 point cushion from where the SPX is trading. Maintenance will be $18,000.
I'll look for a bear call spread to top off the Iron Condor.
Good luck and trade smart.