5) Look at Setups in Expiries in the Friday Immediately Following the Announcement or the Friday Thereafter. I mechanically set these up in options that expire the week following the announcement, as it gives me a little more time for the setup to work out.

6) Avoid ADR's and/or Underlyings That Aren't Scheduled to Announce on a Particular Date/Time. Next week, STX             earnings are scheduled "for some time on April 15th." If STX             doesn't know at this point in time whether it's going to be before market or after or even on the 15th at all, don't play it; they could occur on the 15th or some other date or time that isn't currently known to the market. You're looking for volatility contraction immediately post announcement for premium selling plays, and if you don't know when that announcement will be, you certainly can't be expected to know when the contraction will occur.

7) Go Small. Limit these plays to, at most, 5% of your total buying power. These plays do go awry on occasion, so it's important not to go "crazy big" from the get go, keeping buying power available for the plays you want to do going forward in the season.

8) Look for 50% Max, Get Out, and Redeploy. These plays are meant to be quick and dirty, take the money and run affairs. After getting a fill for the setup, immediately set up a GTC             order to have it taken off at 50% max.

9) Don't Panic On Breach/Familiarize Yourself With Rolling Methodology. On occasion, the move in the underlying is greater than anticipated by the Black Scholes model, and a side your setup will be breached. It is important not to panic in these circumstances, allow the setup to play out, and then roll the tested side if you have to for duration as expiry approaches to allow the setup additional time to work itself out. Knowing how to mechanically address these breaches is critical to these trades. (See Rolling Posts, Below).
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