Here is an example of a underlying securities coming up with a negative surprise on earnings. Post Earning is always better than hold through the unknown.
- Darden Restaurants (DRI): FQ1 EPS of $0.53 misses by $0.17.
- Revenue of $2.16B (+6.1% Y/Y) misses by $0.04B.
As you can see the slide of this disappointment, made the put side explosive. Trigger line was done when the Previous day low and did not recover at the 9:45AM ET. Idea-Trade was to pick up the DRI SEP 47 P for a nice ride down into the 10:30AM ET reversal time frame.