Going out to April for my core index exchange-traded fund position, since volatility "locally" (<45 DTE) blows here. Very close to getting 1/3rd the width of the wings; it'll have to do ... .
Metrics:
Probability of Profit: 54%
Max Profit: 92/contract
Max Loss/Buying Power Effect: 208/contract
Break Evens: 211.08/235.92
Theta: .67/contract
Delta: -5.34/contract
Notes: Here, I'm setting up my short options at the 20 delta strike, and the long options three strikes out from those. Looking to manage at 50% max profit.