You might try and fill out the rest of a long iron condor (Buy a put, sell a call, sell a put). If you get lucky there will be a big jump/drop tomorrow (doesn't matter the direction). You'll profit from the difference between the long and the short side minus your overall debit. I currently have one at 33.5/35.5/36.5/38.5 (short put/long put/long call/short put. As long as it moves down past 33.5 or above 38.5 I'll max profit.
Another option for you would be to sell calls against your long call position. This would cut your cost basis. It does cap your profit potential though.
Then again you could just do nothing...NVDA has moved up nicely and you probably are already sitting on some profit. Don't try and get greedy...things could always reverse on you.
You are probably right about the 7-10 percent though...the MMM is about +/- 15 or so. A lot of companies are getting crushed this earnings cycles for misses or even just average performances. I hope if you are long it goes well for you.
brbking is correct...Implied Volatility is one of the main components of option pricing. Just before earnings IV is near its highest and is a great time to sell premium. Just after earnings the volatility drops quickly and so does the option prices. It is also why buying puts and calls just before earnings might mean even if the stock moves in your favor you lose because your option prices dropped more than you gained from the equity movement
It only has a +/- 15.40 MMM...that puts it approximately at $107 after earnings (low end). I don't see that much of a drop. I'm hoping for a drop down to 112 to 115 (comfortably in the middle of my IC) and a huge IV crush.
I really didn't care which way it moved as long as it moved big...which I got. My reverse iron condors are gonna make bank