SPY was up .70% and I expect a pull back to the 200 EMA eventually. In the meantime I wanted to make a neutral to bearish trade using a ratio iron condor or what is recently called by the tastytrade guys a "Double double".
I am selling the -240/+243 -230/+223 Iron condor for $2.60.
Using the SPY skew of the calls and puts I can sell twice as many of the credit spreads (240/243) using less buying power and increasing my credit received.
With 52 days to expiration my break evens are: 242.60 227.40
Giving me a 66% probability of profit if I buy it back at 50%.
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With 11 days to go, I decided to closed this trade for a $90 winner per contract which is 35% of the credit received.