We're still in earnings season, so let's take a look at Priceline. Sticking with butterflies, this week we are looking at put butterflies. You can find this on page 104 in The Options Playbook, but you can always find this online at OptionsPlaybook.com.

This week we cover:

• Review of last week's GOOG butterfly
• What a difference choosing expirations can make
• Upcoming Priceline earnings (before the open on Aug. 4)
• What is the at-the-money long straddle?
• What is the outlook?
• Setting up the butterfly
• What kind of move is the market expecting?
• What is our maximum risk?
• Reward?
• And more