With SPX near all time highs at $2116 and VIX very low at 12.85, this is a trade I am considering in SPX. Looking at June Expiration.
Buy 1 2180 call Sell 4 2190 Calls and Buy 3 2200 Calls. Looking to do for total credit of $190 and margin or risk of $1801.
Expiration Breakeven on the upside is around $2194, haven’t been there yet! No downside risk and an expiration yield of around 11% as long as we are 2190 or lower at expiration.