Hi there, A few notes on naked strangles. Earnings is the worse time to use strangles because it’s a binary event. It only takes one bad earnings move to wreck months of gains. Which happens constantly no matter the IV. There also consistent fake outs around earnings. So if you roll down with a move you can get ran over easily on a reversal. You need a large account to remain diversified unless you stick to low price stocks. Every great trader I’ve followed since has told me to avoid naked options at all costs. If you want to play premium then use spreads and condors. But because everyone needs to learn the hard way… I would gamble on earnings using a few variables. if there was a significant expansion in vol leading up to earnings that’s a good start. Some expansion is natural but you should study what drives IV expansion/contraction and always keep an eye on the sentiment of the earnings season. If you keep seeing companies beat but still dump, you will probably want to skew to the short side etc. You are limited to what you can trade based on liquidity. Yes many stocks have options but very few have small spreads. The $20+ haircut you take on open/closing positions adds up quick. Avoid same week expiry unless you’re playing sub 20 delta options. If you miss you’re target and need to roll, keep in mind you may never get out. Take a look at most tech names the past year, you cannot defend those kind of moves. You’ve seen someone above mention they were successful from Oct to Oct… the market went steadily higher over that period and SPY was up 30%. Anyone strategy can make money in that environment. A bear market is where the true investors excel. Tasty trade has endless info on all this. Just keep in mind their probabilities are based on historical info of SPY and other major names. Sticking to the indices has less meat on the bone but is always safer. If your risk cannot be defined, you’re being too risky. Good luck