Depends on the outlook and which options (Calendars) offer the best risk/reward/probability. For stocks such as ISRG, trading around $100 the day before earnings, my position was a $115 Call Calendar and a $90 Put Calendar. For stock like EBAY it was a Double Calendar at $30, YHOO the $27.5 Put Cal. So, it really depends on the outlook after earnings and what is available at the best time prior to earnings. I tend to stay closer to the money on most. This week all the Calendars will be OTM --since i don't want any assignment risk. Please feel free to expand on any setups. I will also post a live trade this week so we can review it together.
GRMN $52.71 $55/$50 Dbl. Calendar Feb/Mar ratioed 4:5 Call side cost $0.68 Put side cost $0.53 Will post my exit.