Stock has been fading from its morning post-earnings gap up, all day. Sold $SHOP 8/21 1120/1140 bear call spread @ 5.00. Short calls above today’s high. With IV low and the the short calls closer than I usually sell (34 delta), this trade has a higher than usual directional component (i.e., looking for further down movement rather than waiting for volatility to contract). Heads up, this is another underlying with less than ideal liquidity.