The April 28th 131/157.5 20-delta short strangle is paying 3.80 at the mid; a defined risk setup with the short options at the same strike -- a 128/131/157.5/160 pays 1.03 credit at the mid.*
At the moment, I'm not seeing much else that's ripe from a perspective; for example, the financials (e.g., BAC , GS , MS , etc.) never get that particularly frisky, so I generally don't play them for contraction.
On other fronts, the VIX is getting "interesting," but if you look at the term structure for VIX , all the "action" is in the front, with only the April monthly popping. All the back months (May, June, etc.) have nudged upward only modestly, so it will be interesting to see what occurs when the April contract rolls over to the May (April's currently priced at 16.32; May at 15.22). Since I generally use the pricing as a guide for my short VIX setups, I'm waiting for the rollover until I consider more short setups.
And with the VIX getting interesting at >15, my general rule is to rotate back into broad index exchange traded fund setups in SPY/SPX, IWM/RUT, QQQ , etc. and pass on and/or other single name risk plays.** Consequently, I may be looking at plain old bread and butter SPY/SPX, RUT/IWM short strangles and iron condors early next week, assuming that the >15 VIX sticks around long enough for me to play.
* -- The call side is somewhat pesky in this expiry, with call strike width widening out 2 1/2's above 150.
** -- My order of preference is to sell premium in (1) broad index exchange-traded funds like SPY where VIX >15; (2) sector exchange traded funds where implied rank is greater than 70 and implied is greater than 35; and (3) individual stocks where implied rank is greater than 70 and implied is greater than 50.