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Yes, a put credit spread. Usually, these are opened a day or two after earnings and held for anywhere between 7 and 30 days. I don't recall any of these types of trades being done on SO, except for people posting about the CML trades.

This topic was a little more active a while back and I had intended to give an update on my results at the 1 year mark, but I've been busy with other projects the last few months. My first CML trade was June 19, 2017, so it has now been almost 15 months and so far I still am only making trades posted on the blogs and by others. Anyway, here's my results to date using CML without actually having a subscription. I think it would be worth the subscription and will likely subscribe soon. Post-earnings Short Put Spread: 50 trades / +13.7% avg Post-earnings iron condors (mix of short and long): 25 trades / -19.4% avg Straddles (mix of pre- and post-earnings): 58 trades / +8.8% avg Pre-earnings Call: 202 trades / +3.0% avg TTM Squeeze: 10 trades / +48.5% avg Other: 10 trades / -36.6% avg --------------------------------------------------- Total Trades: 355 trades / +4.0% per trade avg (The results are not normalized, but I traded the closest I could to the same dollar amount per trade. Even so, some trades were 20% higher or lower than my trade amount, so that has some small effect. I haven't analyzed it to see if the effect helps or hurts the overall numbers versus being normalized)

Here is an example of how I have used CML as an adjunct to the SO calendar trades, pre earnings. We know that those calendars , on their own, are very good trades, with a great success rate. We also know how, if you wait for the "official" alert to come out, more often then not, the price jumps and you either miss the trade entirely, or have to wait a few days, if you are lucky. Sometimes they jump a huge amount right away. So, I added the CML concept of price having a run up in the period approaching earnings, and if it backtested well in this area, I would put on less expensive (RV) calendars, which were a few strikes above where the price currently was, and where the "official " trade strike was. I have found that this has worked far more often, for me, than not. This is a way of not using CML entirely for a trade, but using an aspect of it, to add to the overall mix of an SO trade. Just a recent example would be NTES, where the official trade was around the $245 strike. I put on $265 and $270, and the price was $268 the last 3 days before earnings.