its a common strategy for market makers, out here you may get killed on commissions, but its legit,u generally short the box and collect interest,u need to be out of it 1 or 2 days into exp week to avoid being asssigned durimg exp week
100% serious, you sell the bigger diagonal, you let the premium come in, you buy the smaller diagonal near the close,that box be it a 3 ,5 or 20 dollar box will always be worth only that,its a 4 legged neutral position that you either scalp ,adjust on mornings for premium erosion(lift the long diagonal), adjust for volatility expansion(lift the short diagonal),trenddays(lift the losing leg of the put or call sprd),a lot of possibilities,and u can easily get neutral at any time,its just that on the floor the cost of getting in and out is minimal, out here its at least twice the price with commissions
sell 110 calls @ 6.40, sell 120 puts @4.55... total $10.95....buy 120 calls .42 buy 110 puts .53 ...total $0.95 sold 10.95 ...bought .95, sold 10 dollar box for 10,,,,spy at 100, put sprd worth 10 , call zero, spy at 150 , call sprd worth 10 , put sprd worth o, box will always be worth 10, options will always be adjusted to this price