Realized > Implied + beat
Stock blew through expected move on a beat. Post-earnings drift historically continues 1-5 days. Buy the dip below VWAP.
Realized > Implied + miss
Severe selloff exceeded option-market estimate. Often overshoots. 60% mean-revert within 5 days. Cautious long.
Realized < Implied
Quiet earnings — volatility sellers profited. Watch for delayed catalyst (guidance Q&A, analyst day) to spark belated move.