... for a .52/contract credit.
Notes: Opened a 10%-er (credit received is 10% of the width of the spread) in the expiry nearest 45 days 'til expiration. Will manage at 50% max or 2 x credit received.
For larger accounts, consider going wider with the SPY spread, or spreading /ES (e.g., January 15th 3220/3270, paying 262.50) (the equivalent of a 5 x 5* SPY) or SPX (e.g., January 15th 3275/3325, paying 5.10) (the equivalent of a 10 x 5 SPY).**
* -- 5 contracts of five-wide spreads.
** -- 10 contracts of five-wides.