Let's get a jump start on September.
With the RUT just below 720, let's:
Sell 20 September 610 RUT puts - RUYUB
Buy 20 September 60 0RUT puts - RUWUT
Credit of about $.55 ($1,100)
Maintenance is $20,000. Cushion is about 110 points and there are 7 1/2 weeks left to expiration.
The market is moving, so you might get a little more or little less than the $.55. If you are more conservative, wait for the RUT to come back down.
Be creative, but don't be greedy.
Take care and trade smart.