I am in a small options trading group that follows the TW methodology.  Many of the trades are selling Strangles and Iron Condors the day before Earnings to benefit from the volatility crush. Truth be told this has been the worst Earnings Season in memory, with many stocks moving well over 2x their expected earnings move causing traders to be deep in the money with short options. Case in point, DOCU, down over 35%.  If you sold a Dec 3 190 put yesterday to pick up .65 credit, you would now be dealing with that same put which is worth 45.65. That's a $4k loss overnight. Fortunately, I sat that one out. Sometimes the best trade is the one you don't do. ;-)