The XOM ATM IV is super low ahead of the earnings (23-24%).The Nov straddle is cheap and I will hold it past earnings. I expect XOM to move at most $3 tomorrow, however looking at the chart, historically XOM tends to continues in a trend for a few days following the announcement, with a slight increase of volatility. There is support $10 below current price (80) and resistance $6 above. IV is unlikely to fall.

Therefore for this particular earning play, i want to be long gamma and long vega. With 23 days remaining on the Nov contracts and going into the weekend, I may switch to Dec contract on Friday if XOM doesnt move upon earnings or exit if I no longer like the trade.