After the close today Apple will release its much anticipated earnings. We are playing the announcement via the weekly options expiring tomorrow. Our trade it to buy the 635/645/655 call butterfly for $1.00 and also buy the 585/575/565 put butterfly for $0.75. Our net cost and maximum risk in this trade is $1.75, and we can make up to $8.25 if Apple expires at 575 or 645. On average Apple moves 6.3% after earnings, so we designed this trade to profit from another move of that magnitude and chose strikes near levels we believe Apple is likely to end up near. Our experience tells us that even if Apple only gaps up or down about 4% tomorrow morning we are likely to be able to unwind this trade for a small profit. We like the risk/reward profile of this trade see a good chance it is profitable come tomorrow morning.