While I'm using it as a delta hedge of a core SPY position (I'm in need of a touch of long delta), it's also fairly good as a stand alone trade:
Probability of Profit: 71%
Max Profit: $51/contract
Max Loss/Buying Power Effect: $249/contract
Break Even: 232.49
Notes: I will watch this position against the backdrop of my SPY core position, which I look at each week to "tweak" back to between delta neutral and slightly delta short, generally by rolling sides toward current price where that makes sense (i.e., it pays enough and there is enough time remaining in the setup). If I skew back to net delta long, I will look at legging into a short call side to complete an iron condor, but will otherwise leave it alone running into expiry. I would note that the implied isn't great here (an understatement) ... .