With 50 days to May expiration, I completed selling option premiums for May portfolio today. This time, I sold my last opening RUT trades differently with some adjustments to the current May positions by adding some positive Deltas. If I had used another RUX iron condor (usually of Delta -6) as I did last month, I would have a portfolio Delta of -24. Since my market outlook is not bearish yet, I'd like to have a smaller negative Delta.
Thus, I sold a May RUT IC with a wing of $10 wide only. The short strikes were selected around Delta -25 and +21 in order to have less negative Delta. Additionally, I also sold 2 bull put spreads ($10 wide) on RUT to get the positive Delta.
After these trades, the May portfolio has its Delta reduced to -19 and I used $1000 more margin than usual. I noticed that the above combination of IC and bull put spreads generated a little less Theta than what I would have received using my regular IC. Since the trades adjusted portfolio Delta as desired, I was OK with the smaller Theta.