I heard about this strategy going into earnings and decided to give it a go. The way I understood it, it relies on IV crush. I've been on the sad end of IV crush, so I tried this.
Maybe I got lucky, maybe this is something to explore.
The stock I picked was Oracle because they had earnings Thursday after market close.
Thursday, 30 minutes before market close, I sold an ATM call and an ATM put, bought a call 15 strikes above, and bought a put 15 strikes below. 1DTE.
My plan was to wait about an hour or so after market open to close the position. Thursday after-hours, the stock rose close to my protective buy, so I was a bit nervous. Luckily, it came a little down before Friday open.
At opening, my account started going mad green (to me anyway). The swings were a bit much for me to handle, so I closed 2 minutes after open for a sweet $270 gain. If I held, I would have realized much more, but this was my 1st go, and honestly, $270 is solid in my eyes.
Just posting here because my wife always rolls her eyes when I try to explain this stuff, but I'm jazzed, and I think you guys will understand. This strategy might be worth a look.