What's up guys? I just wanted to share a new options strategy I ran across and start some discussion on it. Basically, it is a straddle strategy. First, you purchase a straddle consisting of an in the money put and call. This has to be done in the front month with one week left to options expiration and an earnings report coming out within that week. Second, sell the exact same strike prices in the back month or sell one strike price above and below. The strategy basically hopes for a gap or increase in volatility due to an earnings surprise. It loses some of its profits because of selling in the back month. But it hopes to gain because the rate of change in the front month is higher than the rate of change in the back month (which has more time value). Sorry if I made any mistakes with the terminology, I'm new at this. Thanks a lot for your response. Let's start some discussion. Hopefully this makes somebody money.