Hi All, I'm curredntly looking into something that looks like a clear arbitrage. I bought 500 shares of FRO stock that pays 30% dividents a year. I sold 2 in money (May) calls and bought 3 out of money puts. May 2006 puts cost me 10% of the stock price. Now if the stock tanks 20% I'm protected by the sold calls and purchased puts. If it goes up I can be assigned on 2 contracts I sold and this is ok. If it falls slightly or stays the same I still get 7% quarterly divident. Do I miss something here ?