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A trade idea: trade ditm call credit spreads for both SPY and SDS eg: Current price of SPY: 216.41 call credit spread sep 16 options (60 d to expiration) sell 200 -1 (86 delta) buy 207 +1 (76 delta) $617 credit, max gain $629, max loss $79 current price of SDS: 16.67 call credit spread sep 16 options (60 dte) sell 15 -2 (89 delta) buy 16 +2 (71 delta) $139 credit, max gain $152, max loss $48 what do you think? Paper trading looks promising.

Since you are selling ITM credit spreads, this trade is basically synonymous with buying the corresponding OTM put debit spreads using the same strikes. When I think of "selling premium" that is usually based on OTM/ATM strikes. So, since both SPY and SDS are tied to S&P500, this is basically a RIC looking for a larger move in the S&P - with the exception being that you have more of a potential gain on the S&P500 dropping compared to rising above your strikes.

In general this is not a good environment for selling premium.