We are back in the saddle discussing options strategies. As we are a few days away from earnings, let's look at something that is not driven by earnings. While we're waiting for volatility to slow down, let's look at a short-term butterfly in UNH. You can find more in The Options Playbook, which is always available on OptionsPlaybook.com, or on the Amazon Kindle edition.

Specifically:

• UNH announces earnings on 4/16
• Doing a very short-term butterfly to not contain earnings
• What are we hoping to happen?
• What is the implied volatility?
• Selecting strikes
• Setting up the trade
• What is the maximum risk? Reward?
• What about time decay?

Do you have a question that you want answered on a future episode? Send them to Brian at [email protected], or to the Options Insider at [email protected].