Let me preface this: I'm very long goog right now via outright May and Apr calls, but want to get my strategy balanced before earnings, so either IV or a large adverse directional move doesn't kill me. I'm taking a very concentrated position. A mixture of in the money, and heavier position of out of the money (480-500 May, 440-460, 490 Apr) calls. So my thought would be to somehow get paid on lack of movement just in case. I devised the three relatively low cost spreads below to cover me in the following ratios: 1x Apr 430/460/490 call spread. 2x Apr 480/500/520 call spread. 2x Apr 390/420/450 put spread. Of course these butterflies are short the middle legs -2x, and long the wings 1x. These spreads have weak points, but are positioned to benefit from touches of key resistance and support. The first spread obviously has the highest cost, thus the ratio of 1x purchase ratio to the other spreads. But this cost is offset of course by probability of success. I figure the put side will cover me quite nicely in case we get a negative surprise. Of course, one could argue even adding a 430/440/450 put spread (very low cost) might be an even better high probability failure hedge bet in case of an earnings failure. At the put spreads' weak spot of 450, it overlaps the highest cost call spread (430/460/490) enough where the call spread profits will make up for its losses. Any ideas here? Anyone like? Dislike? Any thoughts on using these butterflies as a 'financing method' to allay risk from going outright out of the money further month calls?