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AMZN closed at 44 and reports earnings Thu after the close. Over a five point move on earnings is possible.

The AMZN Feb 42.5 calls closed at 3.20 and the Feb 45 calls closed at 1.75. The Feb 47.5 puts are 4.30 and the Feb 45 puts are 2.75.

A Feb 45 straddle, of one call and one put, is 1.75 + 2.75 = 4.5. AMZN would need to fall to 40 or rise to 50 to make a gain.

One Feb 42.5 call and one Feb 47.5 put is 7.50. A fall below 40 or a rise above 50 is needed to make a gain, although risk is more limited.

If AMZN rises to around 44 1/2 tomorrow, I may buy only Feb 45 puts, in case it falls several points on earnings.