We will sell October options and buy November options at the same strike. The resulting calendar spread is expected to profit if CMG volatility declines over the next few weeks. We do not expect a large drop in October implied volatility as the options should stay well bid into earnings; rather, we are looking to profit from a reversion to the normal pre-earnings ratio between first and second month options. We will exit the spread before earnings are announced on October 18th at the latest. Trades: Sell to open CMG October 300 puts at $11.30 and buy to open CMG November 300 puts for $14.90. OptionsProfits can be followed on Twitter at twitter.com/OptionsProfits. Jared can be followed on Twitter at twitter.com/CondorOptions.