Another way to trade earnings season

Trader on the floor of the New York Stock Exchange.
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Trader on the floor of the New York Stock Exchange.

The unofficial start of the third-quarter earnings season got off on the wrong foot after Alcoa reported results well below estimates Thursday.

Analysts on Wall Street predict earnings and revenues for companies in the S&P 500 will decline 4.5 percent and 3 percent, respectively, from the same period last year.

But that doesn't mean there's no money to be made. Traders are putting on options trades that can win if certain securities rise or fall amid this tumultuous season.

Based on options activity, MKM Partners derivatives strategist Jim Strugger identified ETFs that could be ready to move big on earnings and told CNBC Pro how to profit on those moves.

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