MetLife is expected to report their earnings tomorrow before the opening bell, however, Nasdaq website says that it will happen today after the trading hours. Whenever it is going to happen, I think that MetLife could have a few chances to earn using options. If you check the volatility at the earnings dates - MetLife's stock doesn't have some significant changes after the earnings calls. The company in most cases report in line with analysts, that's why ATM options are really cheap. MetLife's stock has 4 buy, 6 outperform and 6 hold recommendations. Revenue and EPS is pretty much stable, the company doesn't have some significant moves:Source: Financial TimesAs you can see from this chart, analysts estimate 17.26B revenue in Q2'16 which is just 1 lower on y-o-y basis. However EPS is expected to go down:Source: Financial TimesAs I've already mentioned, MET's volatility is low, therefore I think that selling the strangle could be a good chance to get a return with low risk. I think that one of the most promising strategies in this case will be to sell 45 call and buy 41 put. In this case, you initial outlay will be the following:You maximum return in this case is limited by $26 per 100 contracts, but the loss is unlikely to happen here:As you can see, you can potentially have a loss if the stock moves 5% up or down. As I've already mentioned in the article, MetLife's stock didn't fluctuate significantly after the earnings. Even the annual earnings call didn't push the volatility higher.