I am sure this has been tried to death...but is there any success? For instance...you buy deep otm call and deep otm put some time before the announcement of a major economic news related to the stock. Is the volatility then carefully adjusted...or it's close to the historical mean? It should be...at least in the context of EMH - that is...the implied volatility should become much larger prior to any known announcement/meeting, etc. - that is...it's enogh to know that something will be announced to rule out this strategy - if the news on the other hand comes unexpected (such as...Buffet dies out of a sudden...), volatility should be...normal and someone with an inside information will benefit. I find it hard to test this strategy on historical data to see if there's some premise - though not impossible, but i am trying to save some time so far. 10x!