We have closed the SPY 1×2 put spread and locked-in profits. If the market continues to fall, our long puts capture it. Our approach is to stay patient if near the short leg of a 1×2 spread. Be impatient when at the long leg.
Sell to close: SPY Nov 21st (monthly) 655.00 strike put (ratio of 1)
Buy to close: SPY Nov 21st (monthly) 640.00 strike put (ratio of 2)
Credit: 2.63
Profit of $2.66 per spread