Hi everyone, I've just started getting into straddles/strangles and have a few questions about them. What should be the deciding factor when choosing to do a strangle or a straddle? Are there advantages to doing one versus the other? Also, what is the best way to find these opportunities? If you know a company's going to report earnings how far out should you be buying the options? And, how many months should you have until the options expire? I was reading a book that said you should buy options that expire at least 3 months from the "news event" (in this case earnings announcement) and you should by the options when the volatility is low (so at least 1-2 weeks before the expected news event). Is this information accurate? Are there better rules to go by? Thanks for your help.