Earnings Short Strike Delta
What it does
Short strike delta for the defined-risk earnings structure (iron condor or credit spread). Richer than the mechanical engine's 0.20 default: the trade is short-lived and defined-risk, so it takes more premium per unit of width. The earnings engine also supports naked structures with a separate naked_short_delta of 0.16 (one standard deviation), but naked is off by default.
When to change it
Lower to 0.20 for wider breakevens on volatile names. Raise to 0.40 for more premium but higher risk of being tested through the report.
Safe range
0.16 (wide, high probability) to 0.40 (tight, more premium).
Example
NVDA earnings. Stock at $120. 0.30 delta put strike approximately $108, 0.30 delta call strike approximately $133. The condor profits if NVDA stays in that range through the post-earnings expiration.