Just like any options strategies, earnings play with short strangle based on IVR is not without risk. The stock price could gap up or down after earning results. One of the legs in strangle might be tested if the stock price continue in that direction. Another leg will be untested and very cheap to BTO. However, this is the stage we need to defend our position to minimize overall loses, or if lucky, get out the position either break even or small scratches. After the initial Earnings Play with Short Strangle on UBER (IPO) in May in 2019, my subsequent earnings play in Aug and Nov 2019 were not as good as the first one. Lessons learned and will be applied to my next earnings play.