I currently have a short strangle on, so I'm not going to be putting anything on here, but I figured I'd share nonetheless.
There are two possible setups:
100 GPRO at 18.22
Sell 1 Feb 19th 19 Call
Whole Package: $1718 (meaning your break even is $17.18 per share, excluding fees/commissions)
Max Profit: $182 (if called away at $19).
Feb 5 13.5/23 short strangle
Max Profit: $108/contract
BPE: ~Undefined (Off Hours)
Notes: GPRO's are currently scheduled to be announced on 2/4, so both setups would run afoul of that. I wouldn't necessarily let that put me off throwing on a trade, but would look to take off the short strangle in particular in profit short of the announcement, just so that my setup wasn't ripped about with related price action.
With the short call in the covered call setup, I would be a little bit more psychologically comfortable straddling , but would look either to roll out the short call in the covered call setup to take advantage of heightened and therefore enriched premium or take the whole setup off at an opportune moment, such as when price breaks 19 ... .