With the SPX at about 1405+, let's top off our February SPX bull put spread and complete our Iron Condor.
Sell 12 February 1475 calls - SXZBO
Buy 12 February 1490 calls - SXZBR
Credit of about $.70 ($840)
The cushion is about 70 points. There is no additional maintenance IF you already have the bull put spread and IF you have the right broker. We may be able to get $.75, perhaps more, if the market moves up today.
The VIX is up nicely this morning -- to a high of 12.83.
Good luck and trade smart.