Investor attention is on the Iranian conflict and the S & P 500 has dropped nearly 6% from its highs, pushing the index to around 6,700. The author suggests that using SPY put options to create income from this volatility and elevated option premiums in the S&P 500 Index ETF (SPY). This strategy involves using the 200-day moving average, which has been supportive in the past year. However, the author notes that in the event the war lasts longer or the off ramp is not as clean as market optimists predict, defining the risk and the downside exposure. The investor proceeds with a put spread that allows investors to collect significant premium as the VIX stays around 25.