Question for you guys running pre-earnings vol - do you always hedge your deltas? Have spoken to people who both do and don't. For background, I typically buy these 2-3 weeks out based on low levels of non-event vol & implied moves and don't hedge deltas. I view it as a low carry way to add both macro and idiosyncratic vol exposure. For example, had a bunch of these into Liberation Day and booked profits on the put side on April 8th. The calls were essentially worthless so could hold those as lottos, especially considering it covers the earnings event (e.g. those SHAK, NFLX calls were also profitable post event). Same process applies for closing out the profitable leg post a big idiosyncratic move in a name. Obviously if markets continued to trend I leave PnL on the table, and we get back to a timing discussion (but you can argue hedging deltas is as well) but just curious how you guys think about it. @TheBigShort - love the diffusion vol plot across expiries. I also got burned on long ZS event vol - just didn't make sense didn't have any pre-release info to justify the depressed levels but i guess market ended up mispricing after all.