Base on my own experience, if FB is announcing earning release I would close all outstanding FB option positions before ER. I had shared previously that keeping open option positions will expose one to unlimited/limited risks (depending on what option strategies you had) given prices can go in any direction.

If one is betting on directional option trade base on earning release, can consider option strategies such as bear put spread for bearish outlook, bull call spread for bullish outlook as they are cheaper as compare to buying single put or call. I'm less inclined to consider buying single put or call as it's more expensive and has a more bearish / bullish outlook with a lower win rate as compare to vertical spread. Of course if you got it right, the risk reward is more lucrative by comparison. There are also other option strategies such bullish/ bearish synthetic spread which are more risky in nature for those who have a bigger risk tolerance and a bigger stomach.

To sums it up, there's no free lunch in this world. One just need to weight the pros vs cons to decide which option strategies suit themselves.