Right direction, still lost money

QQQ is at $480. NVDA, AAPL and MSFT all report earnings this week. IV on QQQ weekly options has jumped from 18% to 32%.

Your position: You buy 1 QQQ $485 call expiring Friday for $4.20 ($420).

Breaking news

Earnings beat. QQQ rises to $484 the next morning. IV collapses back to 17%.

What happened to your call?

Prices are simplified examples for learning, not real quotes.