"IV crush is a phenomenon primarily beneficial for sellers of option contracts, rather than buyers. For instance, consider the case of an individual who purchased Donal JT's media put option when the company initiated live trading. At that time, the IV stood at over 300%. Despite the stock plummeting by over 50% within just three weeks, the IV crush rendered the trade barely profitable.

When capitalizing on IV crush during earnings seasons, fundamental principles of selling put options remain paramount. It's imperative to select companies with robust fundamentals, ones you'd be comfortable holding the underlying asset of even if earnings disappoint. Finding the right balance between strike distance and premium collection is crucial. Evaluating the risk-to-reward ratio is essential; however, during periods of high IV, sellers of options stand to gain significantly due to the elevated rewards ratio."