Here is how I define the current market situation.

I "think" that the market most likely moves lower. This would suggest that selling calls (spreads) would be the way to go. But, we are too far away from strikes that I would feel comfortable selling after this recent drop.

I don't feel comfortable selling puts because if we get some fear we could cover a lot of distance very quickly.

With the recent drop the vix has moved back up, starting to see better premium for selling.

Sooooo, since I think we are likely to see some moves, most likely down, but who knows maybe a relief bounce after the drop, I like to use a condor to define a zone that the price will not stay in.

Such as using calls on SPX -3965 +3975 +4025 -4035.

I look to get 1.70 to 2.00 credit.
Best case is a move much lower, and the whole thing expires worthless. Or a nice relief bounce back to near 4200, and it expired where I keep the whole premium received. Realistically I close it out for 0.25 to 0.50 debit to take profits and remove risk as it nears expiration.

I manage the position if it looks like it might stay in that zone (3965 to 4035) by closing or rolling, I don't let it get anywhere near a max loss.

This has worked out really good for me this year, especially with the big kangaroo jumps if both directions that have taken place.