I was talking with a trader at the gym this morning -- he says sometimes he sells an OTM bull put/call spread ON EXPIRATION DAY toward the end of the trading day in the hopes of collecting a little premium from OTM options. I told him I thought it was a risky bet; that even if you're very sure that the 4PM closing price would be away from your short strikes, you could get burned in the last minute or two of trading as folks wrapped the month up to include any price movement in the afterhours...and it wasn't a 'safe' strategy, even if you might -might- be able to pick up a few bucks on premiums now and then. Hell, you might not get a fill, for that matter. He said it was no problem because as long as the 4PM closing price was away from his short strike, the stock could move anyway and he'd be okay, and "besides" he only does this thing right into the close of trading. I still maintain that was/is a risky strategy and sure as heck wouldn't do it myself. Am I correct in that assessment?