SNAP Options Ahead Of Earnings

If you haven sold SNAP here:

Then analyzing the options chain of SNAP prior to the earnings report this week,
I would consider purchasing the 10usd strike price Puts with
an expiration date of 2024-1-19,
for a premium of approximately $2.05.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.

I am interested to hear your thoughts on this strategy.

Trade chiuso: obiettivo raggiunto:

SNAP trading at $8.41 after earnings. Puts trading at $2.70 from $2.05. About 35% gain so far.

Trade attivo:

I think SNAP will reach 8 usd this week. Puts trading at $3.10, Up 50%