#Earnings Sold to Open $JNJ Apr 22nd 108/110/112 iron butterfly for 1.47. Max gain, 1.45(ish), max loss, .53. This is based on the fact that JNJ moves very little on earnings, and 110 is with the current uptrend and a nice round number. Open interest not really a factor; it’s slightly bigger at 110 call but not on the puts. Goal is for JNJ to finish the week as close to 110 as possible. On any large swings I may take off parts of it during the week to increase chance of profit, but also increase risk slightly.