BABA EARNINGS SHORT STRANGLE
I have looked at both an iron condor setup, as well as a short strangle setup for the Oct 30th expiry. An iron condor is somewhat inflexible on the call side for the Oct 30th expiry, since the calls are five wide 85 and above (i.e., 85, 90, etc.), and I generally don't like to go five wide with iron condor setups or credit spreads.
One iron condor possibility:
Oct 30th 64.5/67.5/82/85
Max Profit: $77/contract
In order to accommodate the unruly call strikes, I've pushed the short call one strike down in order to set up a three-wide. Not ideal, but you have to go with what you're given to work with.
In this particular case (since I have the buying power available), I am going to go with a short strangle due to the greater premium, higher POP%-age, more accommodating break-evens, and ease in trade management post-earnings:
Oct 30th 67.5/83 Short Strangle
Max Profit: $127/contract
BPE/Max Loss: Undefined