Here's an update to this trade after the weekly options expired.
The short put expired ITM by $1.29.
The long put is currently worth $1.60.
The short call expired worthless.
The long call is currently worthless.
So you could close the put side out for a credit of $0.31 right now. Adding in the initial debit that would net a profit of $0.26 per lot. Not terrible.
7/26/12
Paper trading this one since it's Facebook's (FB) first public earnings report. Will update after they report.
Since I don't have a bias either way, I'll be doing one my favorite way to play earnings, a double diagonal similar to this AAPL trade. This involves selling an OTM front-month (or week) put and call, and buying further OTM back-month put and calls. For example:
Trade:
STO FB 27Jul(w) 25 Put for $0.65
BTO FB Aug 12 23 Put for $0.65
STO FB 27Jul(w) 30 Call for $0.60
BTO FB Aug 12 32 Call for $0.65
= net debit of $0.05 & $200 margin requirement per lot
Note that the margin requirement only remains for as long as you hold the short options. You can see the P&L chart below. Breakeven is at 24 and 32.
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