In this episode, we are going to talk about a trade around earnings. One of Brian's go-to trades when he thinks that there will be more volatility than what the market is predicting, he turns to backspreads, in this case with puts. You can find this on page 87 of The Options Playbook, or, as always, on OptionsPlaybook.com.

In this episode, Brian discusses:

• NFLX announces earnings on 1/19, so we will set up a paper trade to discuss that week
• What is the market saying?
• How will this inform setting up the trade?
• What do we want to happen?
• What will it cost?
• What is the risk?