It's earnings season again. As such, we're looking at a skip-strike butterfly to capture some earnings move. You can find skip-strike butterfiles on page 108 of The Options Playbook, on OptionsPlaybook.com, or on the Amazon Kindle edition.

In this episode, Brian covers:

• A review of last week's UAL butterfly
• Lesson to learn: Don't try to hit a home run with a butterfly
• Putting on a skip-strike butterfly with calls
• Picking the expiration
• Looking at the implied volatility
• Picking strikes
• What is the net credit?
• What is the maximum risk?