Selling cash-secured puts on $SPY

My favorite low-stress income strategy: selling 30-45 DTE cash-secured puts on $SPY. **Setup:** - Strike: ~5% below current price (delta around 0.20-0.25) - DTE: 30-45 days - Collect: ~$1.50-2.50 premium per contract **Why this works:** - $SPY is the most liquid ticker on earth, so spreads are tight - 30-45 DTE captures the steepest part of the theta decay curve - 0.20 delta means ~80% probability of expiring worthless - If assigned, you own SPY at a 5% discount AND collected premium **Capital requirement:** Each contract requires ~$45,000 in collateral (450 strike × 100). So this is a strategy for accounts >$50k. I'm currently short the May 16 $445 puts collected at $2.10. Will roll if challenged or close at 50% profit.