NaughtyPines

TWTR IS A SHORT STRANGLE "GO"; AAPL STILL "WAIT AND SEE"

NYSE:TWTR   TWITTER INC
Both TWTR             and AAPL             announce earnings after the close on 10/27.

With TWTR's IVR             at 92 and IV at 103, it's a go for a short strangle. AAPL's IV bumped up a little bit today to 51, but it needs to be a bit higher for me to bite on (70+).

Here's my TWTR             setup as of right now:

A Nov 6th 25.5/36.5 Short Strangle
POP: 75%
Max Profit: $82/contract
Risk: Undefined
Break Evens: 24.68/37.32

Notes: I'm going a little farther out to be able to manage the trade post earnings in the event I need to roll in order to give it additional time, since I've got a day job and watching the trade post-earnings intraday is problematic. You can naturally go for this Friday's expiry in the event you can easily manage it post-earnings. If at all possible, look to put this on toward the last couple of hours of the NY session, adjusting your strikes to accommodate pre-earnings jitters in the price.
Filled a Nov 6th 26.5/37 short strangle for a .88 credit; taken off for 50% max profit (a .44 debit).
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Nov 6th 2.5/37 short strangle filled for a .88 credit.
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