Cestrian Options Weekly Strategy Review Type: Earnings Calendar & How to Roll with the Punches Why: Trade long volatility (benefit from rising IV) and benefit from net time decay simultaneously. Closing into, but not through, earnings is one of our favorite setups. What: We like to set up calendar spreads into earnings on large, liquid names. A calendar is a time spread where both contracts share the same strike but have different expiration dates. We select two expiries after the earnings date, typically two weeks apart, betting that the spread between the two contracts widens. $V was setting up nicely in a bullish trend, so we opened a 350-strike put calendar on 7/16. Adjustment: with V showing signs of further upward momentum a day later, we added an out-of-the-money call side (above spot price) based on the expected move. This created a wide "double tent" profit zone, giving it room to move without threatening the position. Outcome: 4 days later V was trading squarely in the middle of the structure. We closed the trade for an 18% return on risk over 5 total days in the trade. Link to join my service in the top comment below.