So, with the SPX at about 1273, let's see if the market makers want to dance. We'll start with a bull put spread.
Sell 12 August SPX 1175 puts - SPTT0
Buy 12 August SPX 1160 puts - SPTTL
Credit of about $.60 ($720)
Cushion is almost 100 points. Maintenance is $18,000.
Now, as the market moves up or down a bit, you may have to adjust the credit limit to get filled. Remember, this is a suggestion, to be used as guidance. There is certainly some flixibility -- in the strikes as well as the credit.
Also, make sure to check your symbols before placing your orders. We'll keep on the lookout for a bear call spread to complete an Iron Condor.
Take care and trade smart!