First off just want to say hello and feel this is a very nice informative forum. I have been retail trading for years and like many lost alot at first but now I have become better over time. So now I recently began trading options and have found its pretty much the same but with higher risk. So my question is this Lets suppose a company is about to release earnings in a week. Now the price is 13.00. Isn't it pretty safe if you buy next month calls at 15.00 and puts at 11.00? Of course one will expire worthless but if the options have high Delta you should in theory break even or gain profit. The variables taken into account of course would be stock trades flat, the run-up into earnings or decline, profit taking, bad news etc. Using stop-loss orders of course also come into play when either option gains a nice return going in. The great thing about options is that you don't really kick your self when you sell for profit because of time decay.