Basically, we establish put spread first (with 1:1 and no ratio), and bet NVDA will fluctuate lower before the earning, due to the current elliot wave structure almost fully extended. This way, if NVDA does go lower than the 140-141 range, we can then sell the second part of lower strike put to make it a ratio spread. The advantage of this is that we can get even more protection (because we are selling the 2nd put when stock is at lower price), essentially make the whole hedge a $0 cost.
The risk, of course, is if NVDA keeps going up from 140-141 and never turn around before the earning.
