AAPL has its earnings tonight after the market closes. The IV on the short-term options is riding high at over 50% with longer term options trading down near 24%. My expectation is that the IV on AAPL will drop to roughly 21% after the announcement.
This gives us the opportunity to set up a dual calendar that uses the drop in IV to gain a solid edge in the trade. We are opening the trade before the earnings announcement and should close it either tomorrow morning after the open or if AAPL's price is close to one of our target strikes we may choose to hold the trade until later in the week.

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