When VIX is at 10 and SPX is near all time highs, I like Call out-of-the-money  Back spreads .  Here is the trade in SPX at the $2390 price: Buy 2  June 19  2450 Call and Sell 1  June 19  2420 Calls  for $3.40 Credit.

Position Greeks: Deltas -3   Gamma  .21  Theta  -4.70   Vega  71. Total Risk or Margin $2600. Total potential  Yield  if SPX under 2420 at Expiration in 38 Days is 14% ( credit divided by Risk or Margin). Because of the Vega and Time Decay Risk, would only stay in this trade till next Thursday or Friday. Looking  for about 6% profit on risk of $ 2420 or about $145. Just executed this trade live at 2:11 pm central time on Friday ( today)  May 12. Watch Blog next week for updates on this trade.



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