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This is only possible when earning's is happening. Because of IV expansion weeklies pay a disgusting amount of premium. By buying farther out in time where IV is lower, can avoid most of the IV crush. Only during earning's will a weekly pay what it does allowing to go so much farther OTM than normal selling a weekly. This allows to open what are lotto calendars. (selling same strike, difference in time)
I've begun to use earning's as a means to get a big down payment/lead on my play otherwise not possible outside of ER, collecting huge premium to then offset buying longer dated call. After the ER report, I want to close the short legs when price reaches my strikes or if breached, to allow to build intrinsic value. This takes reading the ER report and understanding if the stock was already priced to perfection or if there's room to run. Look at ANET yesterday as example of priced to perfection even though amazing ER.
My go-to earning's strategy opened on day of ER is an ATM call with a month till expiration, selling a weekly far OTM allowing long runway to build intrinsic value if price runs. Then I use the premium collected and open a put diagonal spread, slightly OTM buying 2-3 week put, selling a put weekly far OTM. I use the historical implied moves to get an idea what the biggest move will be and plan for that. Flat price action will make me lose the same as double calendars but this is a far more advantageous neutral structure with same risk ratio.
I started adding lotto calendar last week as first time ever to gather data, it's phenomenal when allow the price to follow-through and run as market reacts to the ER report. The key is to be defensive using the disproportionate IV to allow this lotto calendar to even be made but if it goes wrong very small loss, while still huge chance for massive gains if there's a pop like UBER. Cheers.