ESS

ESSEX PROPERTY TRUST INC (ESS) reports earnings Tuesday after the close. Consensus EPS estimate is $3.96.

IV Rank sits at 38, indicating fairly-priced options. Neither premium sellers nor buyers have a clear structural edge here — let your directional thesis guide the trade.

A calendar spread could benefit from the front-month IV crush while maintaining exposure through the back month. Sell the weekly expiration and buy 30-45 DTE.

Enter 2-3 days before earnings. Sell the weekly expiration (front month) and buy 30-45 DTE (back month). The goal is for the front month to decay rapidly with the IV crush while the back month retains value.