With the SPX at about 1389, let's:
Sell 2 SPX May 1390 puts - SXYQR
Sell 2 SPX May 1390 calls - SXYER
Credit of about $43.00 ($8,600)
Remember, this is not an official CPT portfolio trade. This is for the more experienced and aggressive trader who has the time to monitor the trade and the skill to deal with it if it goes bad.
We'll track this trade in my column. If you are bullish, you may want to use higher strikes. If you are bearish, you may want to use lower strikes. All's fair in love and trading. In both, if you don't know what you're doing, you have a lot to lose.
Take care, trade smart and double check option symbols before placing your trade.