How to Score Rich vs Cheap IV Rank Pre-Earnings

IV rank without context is a vanity metric. Pre-earnings, pair it with:

1. Days to print (MU is Wed Sep 30 AMC this week).
2. Which expiry owns the event.
3. Prior crush vs realized move for the last 3–4 reports.
4. Guide risk — MU's $50B ± $1B / $31 ± $1 frame is public; do not invent tighter numbers.
5. Sector read-across — HBM/DRAM chatter for semis; leisure prints for CCL.

Rich IV into a binary is normal. The trade is whether the crush after the print is likely to outrun the realized move you are willing to absorb.

If you want to rehearse the setup before you size it, paper-trade the scenario on Stock Picks.

Not financial advice. Verify claims independently.