NASDAQ:WBA   WALGREENS BOOTS ALLIANCE INC
WBA             announces earnings tomorrow before market open, so look to put on a play before today's NY close.

Here are the metrics for defined/undefined risk setups:

WBA             July 15th 76.5/90 short strangle
POP%: 76%
Max Profit: $106/contract
Max Loss/Buying Power Effect: Undefined/$1031/contract

WBA             July 15th 74/78/89/93 iron condor
POP%: 67%
Max Profit: $104/contract
Max Loss/Buying Power Effect: $296/contract

Notes: Shoot to take these off at 50% max profit and move on. For the short strangle, the buying power effect metric is quite "ugly." For the iron condor, I had to bring the wings in to squeeze $100+ out of the setup, which lowers the probability of profit (POP) of the setup heftily. There are always trade offs between max profit potential, buying power effect (defined vs. undefined), and probability of profit ... . To gain with one metric, you inevitably give up ground on another ... .
Comment: IV crushed in a bit here after open (dang). Will be lucky to get a buck out of this if I chase ... .
Comment: No fill; wasn't going to chase price ... .
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