With the SPX at 1343, let's:
Sell 20 August SPX 1170 puts - SPTTN
Buy 20 August SPX 1160 puts - SPTTL
Credit of about $.65 ($1,300)
Net credit of about $.65 ($1,300). Maintenance is $20,000. The cushion is 173 points -- about 13% below where the SPX is trading. Seems safe, even though we'll have to wait awhile for the position to be resolved.
Good luck, trade smart, and double check your symbols before trading.