CVS

CVS HEALTH CORPORATION (CVS) reports earnings Wednesday . Consensus EPS estimate is $2.21.

IV Rank sits at 51, indicating fairly-priced options. Neither premium sellers nor buyers have a clear structural edge here — let your directional thesis guide the trade.

An iron butterfly at the money could be effective here. The defined-risk structure works well when you expect the stock to stay near current levels after the report.

Enter the position 1-2 days before earnings to capture the final IV ramp. Plan to close the morning after the report once IV collapses — don't hold hoping for further decay.