On 3/23/2011 I purchased FFIV Stock at $94.00 and sold the April 16-$95.00-CALL for $4.30. The earnings conference call is scheduled for this Wed April 20, after the market closes. I am considering buying the April 21-$95.00-PUT as insurance in case the stock drops the day after earnings. The current ASK of this PUT is $5.20 which is close to my break even if you add the $4.30 credit I got for the CALL last month and the $1.00 difference in the stock purchase price of $94.00 and the PUT strike price of $95.00. So if I had purchased the PUT today I would have at least broke even with unlimited gains if the stock moves up. I am considering on waiting until April 20 to buy the PUT so that the time-decay will decrease the price of the PUT. Fidelity.com has an option tool that predicts the PUT will cost $1.47 on Wed April 20. So waiting would definitely improve my profits. Does anyone agree that I should wait until Wed to buy the April 21 PUT? Will the April 29 PUT be available on Wednesday this week? Comments/Suggestions?