Double Calendar Option Spread on MMM

Using a double calendar spread to profit from price movement in either direction after earnings announcement in 3 days time (18 July) for MMM.

These trades can be extremely profitable if one expects movement after earnings.
Selling both a Put and Call at high (pre-earnings IV) makes this option trade relatively cheap, since the purchase for the other Call and Puts are after earnings announcement with lower IV

Selling a Call with Strike $167 for 18th July
Selling a Put with Strike $145 for 18th July

Buying a Call with Strike $175 for 29 Aug
Buying a Put with Strike $140 fro 29 Aug

Total net debit and max loss $125 for 1 contract
Max profit $ 287

For more details on these type of Option trades you can search for Strategic Options Trader on Substack