Investors timing Apple on the day of its earnings release should follow the same strategy: Exploit volatility and hedge a current position, or enter a new position with the advantage of offsetting the risk of others as your own for a price. No different than the insurance model, but at a scale you're comfortable with. OK, by now you're likely asking what the trade is, and I am not going to disappoint you. Early in the trading day, I will look to sell puts with a strike price of $500 to hold through earnings. At the time of publication, the author held no positions in any of the stocks mentioned.Follow @RobertWeinsteinThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.