CRM announces earnings on Wednesday after market close, so look to put on a setup before NY close if you're going to play .... .
Here's the setup I'm going with (or something very near it, depending on prices move throughout the trading day):
Nov 27th 69/86 short strangle POP%: 76% Max Profit: 132/contract Buying Power Effect: ~$775 BE's: 67.68/87.32
I'll look to take this off at 50% max profit after the announcement, assuming I get filled for 1.32. Check in later for my comments on how I dealt with the setup post-earnings. Setting up the trade in advance of earnings is the easy part; managing it after is where the work comes in, particularly if everything does not go as planned.