I will wait for the $400 level in SPY and watch the volumes as the price approaches this level. You also need to follow the news from Russia. If there is news of mobilization on May 9th, then it is quite possible to move to the level of $380 and below in SPY. Plus, we are watching the decision of the Federal Reserve on interest rates.
On May 6, expire medium volumes . On May 20, expiration of large volumes:
I expect the 390-380 levels in SPY to be held until the large volumes expire on May 20th. As the price approached the $400 level, I started selling puts with a strike of 370 and an expiration date of May 20th.
Option Series in SPY May 20, 2022:
I started closing positions:
On May 9, I sold the spread at $40, and on May 13, on a pullback, I bought it back at $15.