Are there any on this board? I've never seen an advocate of buying "iron condors" or similar commish-generators. Everyone seems to want to sell 'em.
First off learn to read charts, when you have done this, really study charts, support/resistance, trendline support/resistance, does not take a genius to figure out those who trade without knowledge will be coming here asking how to bail, before putting on any trade, you have to be able to answer any question that arises, otherwise you will lose money. You let those who want to "chance" trades stay near exit of losing their money, you want to go on side of consistent trading not taking huge chances. You can't see all those highs clustered near same prices & made "Head & Shoulders" pattern? You can't see lower low pivots? Should have reversed into lite Debit Put spread or Call Credit spread or both.
Don;t trade spreads on SPY. Instead, sell a single ES put worth 4 points to collect the $200. That will save you lots of $ in commissions fees, ES trades all day, and it's further OTM . OR maybe sell SPX. Spreads tend to be a bad idea becase
they decay pretty fast though. you would need a way to make it profitable after taking into account decay