PGY earnings options: strategies, returns and entry timing

Prepare your earnings trade

T−10 entry · compare strategies

Compare returns and downside before choosing a strategy. Returns include stored modeled fill costs and commissions.

Before earnings / earlier expiration: the stored exit can be earlier when the contracts expire.

Entry dayEntry sampleSort strategies

Today is T−10 (Oct 30, 2026). Every entry day uses its own historical contracts and quotes. Latest quote date: Oct 29, 2026 (T−11).

May 18, 2021 – Jul 30, 2026 · percentage return on modeled maximum loss · dollar P&L per one-lot structure. Samples can differ between strategies.

Previous-session examples are dated references while the latest completed-session update is pending. Changing the historical entry day does not change the displayed contracts. Exit controls also check whether the legs can support that exit.

Strategy	Average return	Median return	Historical win rate	Earnings tested	Average P&L	Worst observed	Previous-session example
	-3.0%7 valid ROI tests	2.7%	57.1%4 / 7 profitable	7 earnings7 valid tests	-$3.31	-21.3%-$20.10	Previous-session example · T−10 Daily update pending. Waiting for quotes from 2026-10-30. Showing the most recent verified daily quote as a dated reference. These are reference prices, not current pricing. Announcement time is unconfirmed. Before-earnings exits use the prior trading day; through-earnings exits allow for an after-close announcement. Sell to open 1 PGY $24.00 callExpires Nov 20, 2026 · 21 DTE todayDelta 0.20 · Bid $0.20 / ask $0.45Midpoint $0.33 · Spread 76.9% of midpoint (informational)Volume 14 · Open interest 2,220 Buy to open 1 PGY $25.00 callExpires Nov 20, 2026 · 21 DTE todayDelta 0.17 · Bid $0.15 / ask $0.45Midpoint $0.30 · Spread 100.0% of midpoint (informational)Volume 56 · Open interest 2,219 Estimated credit $2.50 / one structure Maximum loss before fees $97.50 Expiration breakeven $24.03 Before-earnings exit Nov 6, 2026 close Quote session: Oct 29, 2026 · T−11 at quote Refreshed Oct 30, 2026, 7:59 PM EDT Contracts re-evaluated for this quote session; no comparable earlier example is available. Daily preparation example for a new entry. Refreshed while earnings are 1–28 days away. Midpoint estimate before fees; verify prices with your broker. An update does not instruct existing holders to roll.
	0.2%6 valid ROI tests	-3.8%	50.0%3 / 6 profitable	6 earnings6 valid tests	$0.73	-15.5%-$10.10	Previous-session example · T−10 Daily update pending. Waiting for quotes from 2026-10-30. Showing the most recent verified daily quote as a dated reference. These are reference prices, not current pricing. Announcement time is unconfirmed. Before-earnings exits use the prior trading day; through-earnings exits allow for an after-close announcement. Sell to open 1 PGY $19.00 putExpires Nov 20, 2026 · 21 DTE todayDelta -0.27 · Bid $0.55 / ask $0.85Midpoint $0.70 · Spread 42.9% of midpoint (informational)Volume 75 · Open interest 1,737 Buy to open 1 PGY $18.00 putExpires Nov 20, 2026 · 21 DTE todayDelta -0.19 · Bid $0.35 / ask $0.60Midpoint $0.48 · Spread 52.6% of midpoint (informational)Volume 276 · Open interest 813 Estimated credit $22.50 / one structure Maximum loss before fees $77.50 Expiration breakeven $18.78 Before-earnings exit Nov 6, 2026 close Quote session: Oct 29, 2026 · T−11 at quote Refreshed Oct 30, 2026, 7:59 PM EDT Contracts re-evaluated for this quote session; no comparable earlier example is available. Daily preparation example for a new entry. Refreshed while earnings are 1–28 days away. Midpoint estimate before fees; verify prices with your broker. An update does not instruct existing holders to roll.
	-26.0%1 valid ROI tests	-26.0%	0.0%0 / 1 profitable	1 earnings1 valid tests	-$2.60	-26.0%-$2.60	Previous-session example · T−10 Unavailable · No matching contracts are available under this strategy's selection rules. Last quote session: Oct 29, 2026
	-3.5%7 valid ROI tests	-5.4%	14.3%1 / 7 profitable	7 earnings7 valid tests	-$3.06	-22.7%-$22.70	Previous-session example · T−10 Daily update pending. Waiting for quotes from 2026-10-30. Showing the most recent verified daily quote as a dated reference. These are reference prices, not current pricing. Announcement time is unconfirmed. Before-earnings exits use the prior trading day; through-earnings exits allow for an after-close announcement. Sell to open 1 PGY $19.00 putExpires Nov 20, 2026 · 21 DTE todayDelta -0.27 · Bid $0.55 / ask $0.85Midpoint $0.70 · Spread 42.9% of midpoint (informational)Volume 75 · Open interest 1,737 Buy to open 1 PGY $18.00 putExpires Nov 20, 2026 · 21 DTE todayDelta -0.19 · Bid $0.35 / ask $0.60Midpoint $0.48 · Spread 52.6% of midpoint (informational)Volume 276 · Open interest 813 Sell to open 1 PGY $24.00 callExpires Nov 20, 2026 · 21 DTE todayDelta 0.20 · Bid $0.20 / ask $0.45Midpoint $0.33 · Spread 76.9% of midpoint (informational)Volume 14 · Open interest 2,220 Buy to open 1 PGY $25.00 callExpires Nov 20, 2026 · 21 DTE todayDelta 0.17 · Bid $0.15 / ask $0.45Midpoint $0.30 · Spread 100.0% of midpoint (informational)Volume 56 · Open interest 2,219 Estimated credit $25.00 / one structure Maximum loss before fees $75.00 Expiration breakevens $18.75 / $24.25 Before-earnings exit Nov 6, 2026 close Quote session: Oct 29, 2026 · T−11 at quote Refreshed Oct 30, 2026, 7:59 PM EDT Contracts re-evaluated for this quote session; no comparable earlier example is available. Daily preparation example for a new entry. Refreshed while earnings are 1–28 days away. Midpoint estimate before fees; verify prices with your broker. An update does not instruct existing holders to roll.
Near-term expiry · nearest 0.90 delta	3.9%11 valid ROI tests	4.0%	54.5%6 / 11 profitable	11 earnings11 valid tests	$1.20	-37.2%-$246.30	Previous-session example · T−10 Daily update pending. Waiting for quotes from 2026-10-30. Showing the most recent verified daily quote as a dated reference. These are reference prices, not current pricing. Announcement time is unconfirmed. Before-earnings exits use the prior trading day; through-earnings exits allow for an after-close announcement. Buy to open 1 PGY $17.00 callExpires Nov 20, 2026 · 21 DTE todayDelta 0.89 · Bid $3.50 / ask $4.60Midpoint $4.05 · Spread 27.2% of midpoint (informational)Volume 19 · Open interest 821 Estimated debit $405.00 / one structure Maximum loss before fees $405.00 Expiration breakeven $21.05 Before-earnings exit Nov 6, 2026 close Quote session: Oct 29, 2026 · T−11 at quote Refreshed Oct 30, 2026, 7:59 PM EDT Contracts re-evaluated for this quote session; no comparable earlier example is available. Daily preparation example for a new entry. Refreshed while earnings are 1–28 days away. Midpoint estimate before fees; verify prices with your broker. An update does not instruct existing holders to roll.
	3.8%11 valid ROI tests	-8.1%	36.4%4 / 11 profitable	11 earnings11 valid tests	-$11.01	-23.9%-$70.10	Previous-session example · T−10 Daily update pending. Waiting for quotes from 2026-10-30. Showing the most recent verified daily quote as a dated reference. These are reference prices, not current pricing. Announcement time is unconfirmed. Before-earnings exits use the prior trading day; through-earnings exits allow for an after-close announcement. Buy to open 1 PGY $21.00 callExpires Nov 20, 2026 · 21 DTE todayDelta 0.52 · Bid $1.10 / ask $1.55Midpoint $1.33 · Spread 34.0% of midpoint (informational)Volume 191 · Open interest 1,981 Buy to open 1 PGY $21.00 putExpires Nov 20, 2026 · 21 DTE todayDelta -0.48 · Bid $1.30 / ask $1.65Midpoint $1.48 · Spread 23.7% of midpoint (informational)Volume 35 · Open interest 187 Estimated debit $280.00 / one structure Maximum loss before fees $280.00 Expiration breakevens $18.20 / $23.80 Before-earnings exit Nov 6, 2026 close Quote session: Oct 29, 2026 · T−11 at quote Refreshed Oct 30, 2026, 7:59 PM EDT Contracts re-evaluated for this quote session; no comparable earlier example is available. Daily preparation example for a new entry. Refreshed while earnings are 1–28 days away. Midpoint estimate before fees; verify prices with your broker. An update does not instruct existing holders to roll.
	-12.6%11 valid ROI tests	-33.4%	18.2%2 / 11 profitable	11 earnings11 valid tests	-$15.55	-67.3%-$77.60	Previous-session example · T−10 Daily update pending. Waiting for quotes from 2026-10-30. Showing the most recent verified daily quote as a dated reference. These are reference prices, not current pricing. Announcement time is unconfirmed. Before-earnings exits use the prior trading day; through-earnings exits allow for an after-close announcement. Buy to open 1 PGY $18.00 putExpires Nov 20, 2026 · 21 DTE todayDelta -0.19 · Bid $0.35 / ask $0.60Midpoint $0.48 · Spread 52.6% of midpoint (informational)Volume 276 · Open interest 813 Buy to open 1 PGY $24.00 callExpires Nov 20, 2026 · 21 DTE todayDelta 0.20 · Bid $0.20 / ask $0.45Midpoint $0.33 · Spread 76.9% of midpoint (informational)Volume 14 · Open interest 2,220 Estimated debit $80.00 / one structure Maximum loss before fees $80.00 Expiration breakevens $17.20 / $24.80 Before-earnings exit Nov 6, 2026 close Quote session: Oct 29, 2026 · T−11 at quote Refreshed Oct 30, 2026, 7:59 PM EDT Contracts re-evaluated for this quote session; no comparable earlier example is available. Daily preparation example for a new entry. Refreshed while earnings are 1–28 days away. Midpoint estimate before fees; verify prices with your broker. An update does not instruct existing holders to roll.
	Unlimited risk · ROI unavailable	Unlimited risk · ROI unavailable	63.6%7 / 11 profitable	11 earnings11 valid tests	$5.81	Unlimited risk · ROI unavailable-$145.10	Previous-session example · T−10 Unavailable · Naked short strategies remain research-only. Margin and assignment requirements are not modeled. Last quote session: Oct 29, 2026
	Unlimited risk · ROI unavailable	Unlimited risk · ROI unavailable	72.7%8 / 11 profitable	11 earnings11 valid tests	$10.35	Unlimited risk · ROI unavailable-$112.60	Previous-session example · T−10 Unavailable · Naked short strategies remain research-only. Margin and assignment requirements are not modeled. Last quote session: Oct 29, 2026

Historical win rate counts after-cost P&L above zero. Break-even tests stay in the denominator; missing tests do not. It is a historical frequency, not a forecast probability.

Execution-cost scenario

Strategy to reviewAdditional execution cost ($ / one-lot round trip)

T−10 entry · before earnings / earlier expiration. The additional cost is a scenario, not an observed fill. Current quotes, liquidity and per-contract risk must be checked before sizing; historical averages do not create option legs or orders.

Explore all entry days · T−28 through T−1

Matrix metric

Strategy	T−18	T−11	T−6	T−5	T−4	T−3	T−2	T−1
Bear Call Spread								No later pre-earnings close
Bull Put Spread								No later pre-earnings close
Calendar	No entry trading session	No entry trading session	No entry trading session	No entry trading session	No entry trading session	No entry trading session	No entry trading session	No later pre-earnings close
Iron Condor								No later pre-earnings close
Long Call DITM (0.90 Delta)								No later pre-earnings close
Long Straddle								No later pre-earnings close
Long Strangle								No later pre-earnings close
Short Straddle								No later pre-earnings close
Short Strangle								No later pre-earnings close

Each column is a separate historical trade. Missing quotes, weekends and holidays are not zero returns. Compare event counts before interpreting differences between entry days.

Return basis, costs and coverage

Long-option returns use premium at risk; defined-risk structures use modeled maximum loss. Naked shorts have no maximum-loss ROI; broker margin, early assignment and resulting stock exposure are not modeled. These percentages are not account returns or annualized returns.

Stored fills and commissions are modeled. DITM uses the existing near-term call nearest +0.90 delta, minimum +0.80 delta, earliest listed expiry after the earnings reaction and no more than 60 entry DTE.

Statistics use exact aggregates across all stored cohort outcomes; sampled trade details never supply these totals. Includes tests with failed or unknown entry-filter status; this does not establish live entry eligibility.

Recorded processing is complete for this ticker's requested scope. This does not mean every quote is available or the full stock universe is complete.

Advanced exit rule

30 recorded missing-test entries for the selected day and exit; absence of a recorded gap does not prove that a test was performed.

Daily pricing context

Daily pricing update pending

Latest quote 2026-10-29; the latest completed session is 2026-10-30.

Current ATM IV: Unavailable
Historical median IV: Unavailable
IV versus matched history: Unavailable
Implied move to option expiry: Unavailable

A cheap IV label alone does not establish a profitable trade. Daily quotes are updated after a completed market session; confirm execution prices with your broker.

Prepare your trade

Current pricing and risk

Review the contracts, capital at risk and intended exit before choosing an entry.

Watch / current pricing unavailable

Fresh option quotes for this earnings event are needed before planning current legs. Historical strategy comparisons remain available above.

Maximum acceptable loss ($, optional)Round-trip fees and execution allowance ($ / one lot)Intended exit

My upcoming earnings