Options Insight: How to Play Kellogg

The video discusses the current state of market volatility, focusing on the VIX and CBOE Skew Index. It highlights the differences in protection costs for unlikely market events and analyzes the skew index's historical behavior. The discussion shifts to individual stocks, particularly Kellogg, examining its trade potential amid market activity and earnings reports. The video concludes with an exploration of options strategies to achieve convex exposure, emphasizing the importance of gamma and non-linear payouts.

Explain the strategy discussed for trading Kellogg's stock in relation to its earnings report.

How does one achieve convex exposure in options trading according to the discussion?