IWM is one of my favourites due to its range in the last year. I have played this range many times with credit spreads and Condors.
Trade setup: Simple Put Credit Spread here opened for a 0.205 credit. Goal with these trades is to be a minimum of 10% RoM and no longer than 30 days.
Entry Criteria: 1. Red day, for increased premiums 2. Trading within a range (clear) 3. Short put is far enough away (see multiple support points lower) 4. Credit received meets RoM (Return on Margin) criteria.