SPY Backratio

I sell some SPY Backratios, Sep 105/110 puts, SPY @126.80, selling two 105s for every 110 that I buy. Overall, it is net delta positive, meaning a bullish bet, with some twists such as a max profit with SPY @105 at Sep expiration, another breakeven point at below 100. I get a small credit, and it is theta positive, meaning it benefits from time decay.

Here is a YouTube link to the Beach Boys singing their song "Wipeout" (link). It is symbolic for my GLD calendar call spread.

Long GLD, IWM, SPY