As the second-quarter earnings season gets under way, investors are looking for signs of corporate sales growth that can justify the record-high stock-market levels. This search has prompted many investors to focus on options, where the future of stocks, and even entire markets, is often divined by reading trading patterns.

But accurate analysis is more nuanced than just seeing if bullish calls or bearish puts are unusually active ahead of an event. It's critical to analyze options volatility, too.

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Options Trading During Earnings Season - Explosive Options

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