Trade strategy for SPDR Gold Shares (GLD) using a June $395/$445/$480 call spread risk reversal, leveraging technical support levels and call skew to minimize cost and maximize upside potential.
Meta reports earnings Wednesday with ~30% YoY revenue growth and a 7.5% options-implied move. Technicals are precarious near the 150-day moving average. Historical data shows buying stock before earnings averaged just 0.92% returns over two weeks. The author recommends a 625/680/750 call spread risk reversal to reduce upside breakeven, limit downside exposure to 8% better than stock ownership, and improve win rate versus either buying stock or at-the-money calls.
