How to choose Strike prices for option strangle ahead of quaterly results?

Tricky, but yeah generally a good idea to choose just OTM options if you are doing a long strangle. Risk to reward is usually the most around just out of the money option strikes.

Choose wisely whether to go for strangle or not. Some stocks do not change much considering the fact, that street expectations are already inline with the results. You could really loose a lot in such a case.

When the stock underperforms or overperforms compared to analyst/street’s expectation, then only you could find some good movement in price. even that may not be sufficient to go out of strangle zone. So do the math before doing it.

Like Nithin said, if you choose OTM options your investment would be lesser but strangle zone would be wide. Consider that too.