The expected move in BIDU is approxiomately 11.65. I calculated that move by adding the closest to the money straddle and nearest to the money strangle together, then dividing by two. BIDU is trading at 138.15, which means the downside expected move is 126.50 and the upside expected move is 149.80. Given BIDU recently broke 3 year uptrend support, retraced and is trading on uptrend support turned resistance, and has significat resistance at 150, I decided to place an aggressive bearish position on it. Here's what I did... Sold (to open) BIDU Nov11 165 Call @ 1.37 (credit) Bought (to open) BIDU Nov11 135/140 Put Spread @ 2.25 (debit) This results in a net debit of 0.88, meaning my losses are limited to $88 between 140 and 164.88. If BIDU goes above 164.88, my losses become theoretically unlimited. Break even on the trade is 139.12, with max potential gain of $412 at or below 134.88. Basically, I bought "around the money" put spreads and financed a portion of that trade by selling well out of the money and well outside the expected move Naked Calls. This position is by no means a make or break to my portfolio, just a strategic way to play the direction I favor into BIDU earnings. After all, a man's gotta have a little fun from time to time. :)