SPY has an IVR of 52.8% and seems like a good candidate to enter a range-bound risk-defined neutral iron condor for around $166 in credit (max profit). This iron condor is 5$ wide so the max loss is $334, which is $500-$166.  This trade has a 74% chance of closing for a $83 profit on or before August 19th. You will collect approximately $3.29/day in theta decay if SPY stays where it is. I'm entering this trade out to August 19th, with 36 days until expiration.

To enter the trade do the following: