I've been detailing my finding's, believe am very close to achieving my opus magnum. To great success, have been running double calendars but there's more improvements which have made and would like to share and see if others can chime in.

This information and study has become so isolating I cannot even find articles on Google or Reddit regarding combining these two structures so please pay attention and give your feedback.

Double Calendar OTM Strangle, initially thought Iron Condor OTM Strangle but ICs not profitable like a Double Calendar if price trades flat. So here's the idea:

$70/$80 double calendar

$78/$92 OTM Strangle

Imagine these two structures combined. If price stays flat big green, if price runs big green. Grand oversimplification but combine these two structures in your mind. It's covering upside and downside.

The double calendar is from $70-$80. The OTM Strangle is from $78/$92. If the price trades flat the double calendar will profit, if the price runs the OTM Strangle will profit.

The OTM Strangle is bought with expiration of the following week, which will only be held overnight

1. If the price stays flat, the Theta burn of one night IV crush after earning's will be less of a loss than purchasing 2 Double Calendars here which would fully profit.
2. If the price runs, the OTM Strangle will prevent the double calendar strikes from being ran through and turn a otherwise what would've been losing double calendar into a winner.

This structure must be bought on the day of earning's right before release before close, this gives the widest difference in IV between short leg and long leg. Which gives the best returns after the IV crush takes place, ideally company's reporting Thursday after-hours so on Friday crush and expir. take place; and the OTM Strangle will be cheaper than if bought earlier in the week on Monday for example.

CONCLUSION: Someone left me a comment saying my strikes were too wide, TTD at $84.6 I'd have bought my double calendar at $70/$90 or $65/$95. What I began to notice, the center of my tent would collapse because strikes were too wide apart if price traded flat. However, if I pulled them closer then I worried about strikes ran through; which even being wide apart I was getting ran through like this week FTNT going 20% instead of its implied move of 12% so my strikes were blown out.

This structure of hedging my double calendars saves my ass compared to what I was doing before in various ways

1. My center tent structure won't collapse cause strikes are no longer so far out.
2. Cals strikes won't get blown out anymore instead OTM Strangle will cover from there
3. The double calendar bought right before release before close gives the best possible cost to premium ratio because IV is the widest, contract hasn't been held so no loss on long legs to Theta

I was opening double calendars Friday the week before earning's, sometimes the short leg would keep gaining in premium putting me at a loss and long leg burning to Theta. Opening right before release before close eliminates this negative aspect. Now I can manage position in morning, get big gains from OTM Strangle running, and use the Double Cals as just hedges for the OTM Strangles. Instead of just running double cals and depending on those for way too many things and for too little reward. Obligatory, this is not financial advice, idk what I'm doing don't listen to me.