I'm new to options. I'm wondering how many people using neutral strategy on a stock's earning day by buying out of money options on both upside & downside? And how successful you are? Take VMware yesterday's earning report for example. VMware close at $83. Out of money options $100 February call cost you $0.55 and out of money options February $60 put cost you $0.75. So if I'm buying 10 contracts for both sides, it will cost me (0.55+0.75) x 10 x 100 = $1300. But since VMW dropped to $55, now $60 put is worth $6.30 and $100 call is worth $0.05, so my profit will be $6.35 x 100 x 10 - $1300 = $5050. What will be the worst senario on this kind of trading? If there is another thread about this kind of trading, please direct me there, thank you.