LYFT was first traded in March 2019 with 37 million transactions on the first day. The company reported first earnings since IPO on May 7th after market. However, I missed the earnings play at that time. The reason was the IV (no IVR yet for LYFT) for this stock was lower then period April 10th to April 16th. The stock went sideways after mid June and before second earnings report. On Aug 7th, the IV was as high as April 10th to April 16th. LYFT was going to report earnings on that day after market.
Just like UBER earning play, the was no prior earning data and we were unable to know how market going to react after earnings. There was no IVR (or IV Percentile in ThinkorSwim) data available for us to make decision. The IVR script I set earlier needs one year data on IV to plot first IVR data point.
The stock price went sideways between USD58 and 68. When looking at options chain, the option premium was very high. So there was an opportunity to set wide strike prices using strangle for earnings play on LYFT.