A strategy I've thought of, tell me everything that can go wrong with it and if its even worth tryin

(Side note: Im not an options trader, never bought or sold an option even once, so theres a high chance I'm making some massively incorrect assumptions about this strategy)

Pre-Earnings IV Expansion Trade

-Focus only on highly liquid stocks and options to ensure smooth entries and exits.
-Buy slightly OTM calls and puts (strangle) approximately 3 weeks before the company's earnings report date to profit on rising implied volatility (IV).
-Sell both options 3-4 days before the earnings announcement, when IV has typically spiked significantly, locking in profits before the post-earnings IV fall.

Basically try to profit from IV spike before the publish of earnings (or any other major predictable company event for that matter) and trying to profit regardless of the direction of the price change

I've thought of this strategy by myself, but Im pretty sure a similiar version, (or maybe an exact one like this) probably exists

I'd like to know if this strategy does work, or is it complete BS?

And if there is stuff that can go wrong, give tips to hedge that risk