The experimental trade for October expiration in running into trouble. As I write this, RUT is 678 and the the put spread (RUT Oct 660/650)* is only 18 points out of the money.
*Thanks to KC for the correction.
I would consider buying back the call spread (RUT Oct 750/760) and rolling down to a lower strike, but when IV is high (RVX is 38) and the markets are wider than usual, this is not easy to accomplish at a favorable price – that means I cannot collect enough cash to make the trade worthwhile.
For now, I'm holding this position. The midpoint between the bid and ask prices for the iron condor is $3.75. We're losing money but are not yet at the point of reaching our maximum acceptable loss for the position.