ATM Calendar + Call & Put – W Shape Structure Earning’s Winner?

Quick recap ran a "reverse double diagonal", which is actually called a diagonal iron condor apparently. It's an iron condor opened on the day of earning's when IV is disproportionately high, because the dates are staggered with the long legs a month out, becomes a diagonal iron condor, aka diagonal spread because it's playing difference in price and time now, still an Iron Condor structure.

Someone commented creating W shaped structure, if understood the comment correctly, it can be an ATM calendar/diagonal, mixed with call and put with a month+ till expiration to dodge some of the IV crush it looks like this:

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W Structure

If the price trades flat, the ATM calendar profits substantially covering the loss from IV crush on call/put, if the price runs the call or put can capture substantial gains. With month till expiration, IV crush will affect the short leg selling the week of earning's drastically but affect the long legs much less. The disproportionate IV skew is how make profit here.

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ATM Calendar + Call & Put

This is interesting because there's certain companies which are too volatile to comfortably play diagonal iron condor. Mag 7, other big behemoth companies have 5-10% suggested implied moves on earning's, diagonal iron condor shouldn't get blown out. However, volatile tickers with 15%+ earning's suggested implied move, this approach can capture potential big move without getting blown out to IV crush.

CONCLUSION: The enemy and ally is IV crush so It's best to look at the volume of the short leg, ideally selling on the day of earning's when IV is highest, ensuring the long legs a month out do not have much IV expansion. For Dell, my short legs had 145% IV when sold, the long legs had 61% IV. However, if long legs had 90%+ IV it would be much harder to profit. Idk what this strat is called it just seems like a safe approach to earning's for certain companies. I really like this idea along with diagonal iron condor which worked amazing on Dell, have much testing to begin.