Holy smokes my absolute favorite play now for the really massive gains has to be opening a really far OTM calendar during earning's, very long dated with lots of contracts.
Earning's IV expansion boosts the premium received substantially selling a weekly, then buy long dated buying much cheaper IV. If the ER report is strong, close short legs in morning and allow follow-through when price reaches the strikes to begin building intrinsic value. UBER $75 calendars gave 1500% closed today for example.
I CANNOT REPLICATE THIS OUTSIDE OF ER. Every week is priced exactly the same there's no deals farther out in time unless almost buying LEAPS, the IV doesn't pay squat for a weekly so cannot get far OTM.
Do ppl use software to scan for disproportionate IV opportunities? Selling a weekly and buying monthly where there's massive discrepancy? This is what can do during ER when IV allows but outside of ER there's no deals