AMGN has earnings after the close. I still want to participate in potential upside, but I need to take some more risk off the table.
So what you can do to mitigate any risk is to roll the call higher.
Sell to close AMGN Aug 165 Call @9.20 or higher
Buy to open AMGN Aug 175 Call @3.45 or lower
By rolling this trade, we take more cash off the table and this is now a “riskless” trade that we can hold through earnings.