hello, i'm interested in understanding the efficiencies of writing an at-the-money protective put expiring on friday, when the earnings announcement is on the prior wednesday or thursday. sometimes i want to buy a stock, but it is right before earnings. i was hoping that since the time decay is so severe, that it might be affordable. if the stock goes down, the value of the put goes up. if the stock goes up, then it offsets the value decline in the put. so i'm wondering if this creates a value-neutral effect. if so, that would be great.