With IVR (implied volatility rank) at 69 (ThinkOrSwim 52-Week), OIH offers a premium selling opportunity here. Keep in mind that it is an oil services ETF, so if you already have oil/petroleum/exploration plays on, it would probably be advisable to pass on this trade, since in all likelihood it will be closely correlated with instruments like USO, XLE, and XOP, to name a few.
Example:
An Oct 16th expiration 24/25.5/31.5/33 Iron Condor POP (Probability of Profit): 67% Max Profit/Buying Power Effect: .28 credit/contract; 1.22/contract Break-Evens: 25.22/31.78 Delta: -2.06
Notes: I have gone narrower here on the wings with a 1 1/2 wide in order to conserve buying power for other plays. Naturally, going wider yields a greater credit (3-wide wings with the same short strikes yields .35 credit/contract). Given the small credit received due to the price of the underlying, I generally go bigger in terms of the number of contracts with these types of plays. Look to take the entire setup off for 50% max profit.
Finally out of this for scratch after rolling the call side. Redeploying capital elsewhere ... .
NaughtyPines
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Another, informative, long story with this one. I originally did the above referenced setup with 4 contracts, for which I received a 1.64 credit. With 7 DTE, I covered the short put side for a .20 debit and then rolled out the call side for duration and credit to the Nov 27th expiry for an additional .72 credit. I then proceeded to pair up the short call side with a short put credit spread that I put on for the Nov 27th expiry for an additional .80 credit. So far, I've received a total of 1.64 + .72 + .80 in credits and covered for a total of .20 debit and hope to close out the current setup in the next several days ... .
NaughtyPines
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Had an opportunity to cover this at about 40% max profit, but got greedy. The call side is being tested on oil strength here. We'll just have to see how it goes into expiry.