I do 10 delta short puts with a protection wing 20+ points away depending on the strategy structure. I do 14 day, 45 day, 60+ day, and 90 day. Staggering them out and with different expiration dates helps against big draw downs. I have these examples listed in my SPX trade room outlining profit taking and stop losses. I just closed out this 14 day broken wing butterfly. Initial credit was $150 per lot and closed it to keep $100.