Strong Sell SPY by Aug 15, 2026.

SPY is around 778 and IV is unusually low today, so I was looking at cheap ways to hedge a portfolio while the market is near ATH. SPY Nov 20 735/625 put spread @ $7.75 ● Long strike only \~5.5% below SPY ● Short strike almost 20% below ● Cost: $775 per spread ● Max value: $11,000 ● \~3 months of protection I like the setup because the short put is far enough away that it shouldn’t kill the protection …