3 Best Strategies For Playing Earning’s

After messing with earning's long enough, too exhausted to detail what am doing now so will just quickly detail what I know consider to be the best options earning's strategies for playing through earning's.

1. Covered calls – With the nasty IV crush, you really need a 8-10%+ move to offset the crush, this makes buying long calls and puts more like gambling imo. So with high IV really need to be selling options instead. If there's a company interested in owning, can buy shares and sell OTM CC receiving the most premium which will then crush. If price tanks received so much premium really offset most of the losses, if price runs and are assigned it's a profitable trade.
2. Debt Spreads – If do want to pick a direction, instead of just buying long calls or puts it's better to open a debt spread, the premium received from such high iv will offset most of the IV crush so you need much smaller movement in the right direction to start profiting, instead of 8-10% for example now it's 2-3% before profiting. Call/put debt spreads really are the bread and butter of most professional option traders.
3. Don't Play Earning's – It's just better to react after the fact, ELF had amazing earning's report raising guidance and beating, yet sold off immediately and then once one more. This was a screaming buy, reacting after the fact opened calendar $165 and price since has moved from $148 to $170. It's much better to react after the IV crush, OR play earning's few weeks before and sell on the day of earning's before release; typically double/triple calendar play for me.

Honorable mention to Butterfly, Iron Butterfly and Iron Condor. I don't like selecting a price so accurately like a butterfly requires nor do I like dealing with paying a spread difference and assignment with iron condors. However, these structures benefit from the high IV. Aside from CC's, cash secured puts (which I didn't mention cause too capital intensive for too little reward and is more for investing taking a position), and debt spreads I think it's just better to just avoid the IV crush/earning's. Diagonals can work but feel forced compared to debt spreads, and calendars tent structures shrink way too much imo but can be effective, feels more like gambling again though.