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Speaking on CNBC's Trading Nation, Todd Gordon of TradingAnalysis.com suggested a bullish options strategy in Alphabet Inc (NASDAQ: GOOGL) ahead of earnings.
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The company is going to report earnings on October 27 and Gordon believes that the stock is going to continue to trade higher. Alphabet has been consolidating since August and in the last couple of trading sessions it broke out on the upside.
Gordon explained that the break-out level of $820 is going to act now as a support and he wants to exploit elevated implied volatility in the name and sell the October 820/815 put spread for a total credit of $1.70. His maximal loss is $3.30 and he is going to start to lose money if the stock trades below $818.30 at the October 28 expiration.