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Actually, entering pre-earnings calendars during lower IV periods have a great SO track record. Also, the hold through earnings calendars that I have highlighted are more about that one day IV drop after earnings are reported (instead of the overall market volatility at the time). I still like the declining VXX trades here too (because the VXX tends to drop both when the VIX is falling and also when its relatively stable - and hedges are really cheap during these low IV times). Straddles/strangles have limited downside when entering during periods of low IV so it's not a bad time to have them in play, as any increase in IV and stock price movement will help. The only SO trades I don't like here are the SPX butterflies as these are best to put on during higher IV periods as dropping IV will help these trades.