I was reviewing some of the advanced strategies in one of my options books and came across a box spread. Now I've read about them before, but for some reason, an idea popped into my head and I have no idea if it's a good or bad idea. Anyway, earnings seem to push up volaitility on a security. Has anyone ever used that to their advantage w/ options? My thoughts were to do a box spread (buy put and call at same strike price) and profit from the one that moves the most. I was also thinking that since volatility will increase the option will become "expensive" and the option that is moving in the right direction will far outweigh the premium paid for the option moving in the wrong direction. Of course, I'd like to do this on a volatility measurement that is relatively low to take advantage of the spike. And lastly, there's always the chance that earnings are in line and the stock doesn't budge, then you're out premium on both sides.