Looking for opinions on whether the current post earnings IV dump is unusual, and whether my analysis is flawed. I've done ok with buying mostly strangles into earnings. lately though, the dump seems much more pronounced- across the board. seems the iv before is higher than usual and the next day dump more severe. i'm seeing so many positions where you get a good % move in the underlying and end up down 80% on one end and ALSO down 25% on the other. Look @ something like ISRG tonight: if the move holds, it's up $15/15% after hours and it may STILL be profitable (or a minimal loss) if you wrote the May 105 straddle for $16.50. geesh. In my watch universe, and even looking @ the big % movers list, writing a straddle or strangle is batting like .900- many times taking gains on both the calls and puts. sure, with the risk of a rocket, the strategy isn't bulletproof, but it sure seems to me that, as long as you're spreading the risk around, the gains from the overnight IV dump on the majority of positions will more than offset the occasional gap up/down. am i missing something, or is this a damn good strategy over the long term? thanks.