Strategy: Iron Condors & Butterflies

Combine a bull put spread below the market with a bear call spread above it.

SPY at $580: sell $565/$560 put spread and $595/$600 call spread for a total $2 credit.

Max profit $200 if SPY stays between $565 and $595. Max loss = $5 − $2 = $3 ($300).

Breakevens: $563 and $597.