SPX is down 60 points, Nasdaq down 500, and a vol spike is underway. That is exactly when Mike likes to layer on neutral premium in SPX, and today the structure is a chicken iron condor: collecting 40 to 50% of the spread width with strikes closer to the money than a standard iron condor. The setup is 7000 to 6990 on the put side, 7600 to 7610 on the call side, 10 points wide collecting $4. A $4 credit on a $10 spread gives you a lower probability setup but higher payout if the market chops inside the range. Existing positions including a downside butterfly and other iron condors hedge the risk on both sides. Helpful links: tastylive: tastylive.com FREE tasytlive Newsletters: info.tastylive.com/newsletters FREE Options Strategy Guide: tinyurl.com/bp9ms763 Follow tastylive on X (Twitter): x.com/tastyliveshow CHAPTERS: 00:00 Market Down 60 on SPX, Nasdaq Down 500 00:23 Why Sell Offs Are the Time to Layer on Premium 00:51 Going to the Monthly Cycle...