if you are long AAPL stock or DITM and have a bearish short term thesis on earnings.. look at doing a weekly put spread collar:
Sell the 620 call
Buy the 595/575 put spread all for zero
you are capping your upside at 620 but give yourself a $20 wide put spread as a downside hedge. lets say you have 300 shares or 3 LEAPS.. you dont have to do this for the ENTIRE position..if you have some other strategy..say outright covered calls.. you could do this put spread collar on just a portion of your position to give yourself some added downside protection
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