Hybrid DTE

SPX IVR > 50 45 DTE Put5 Delta50% MPExit 21 DTE2x Stop (option price hits 3x credit) SPX IVR < 50 2-3 DTE Put5 Delta2x Stop (option price hits 3x credit) Entry time is EOD (depending on your broker, SPX options can be traded up to 4:15 PM ET)