With today's big dip, it may be a good time to add another October position.
With the SPX at about 1267, let's:
Sell 20 October SPX 1110 puts - SPTVB
Buy 20 October SPX 1100 puts - SPTVT
Credit of about $.60 ($1,200)
Maintenance is $20,000. Cushion, at the moment, is about 157 points.
Don't get greedy. You may get a little more or a little less, depending on where the market is when you receive this email. If you're more conservative, you may want to wait for the market to move further down (if it does).
Always double check the option symbols before placing your trade. Be careful. The money you save may be your own.