Hey guys. I trade the NQ and don't deal in options at all and my knowledge is limited on them. A friend of mine posed a scenario to me that I can't debunk. It seems too simple and easy and in my experience, when that's the case you are missing something. So please let me know whats missing in the following scenario. I changed the stock and price amounts, but its a mirror image of the one he proposed to me. He is getting signed up now so he will be probably be the one who comes back. Anyways A deeply in the money call option for the month of november is $10.00 (this is the middle ground between the current bid/ask) Another option at the same strike, but for the december is $10.50 (middle ground between the current bid/ask) Couldn't you buy 1 contract of the december option, for $10.50, then sell one contract of the november for $10.00, costing you a total of only $.50 per contract? Assuming you lose 50% due to time value, when the option you sold gets exercised it won''t cost you anything because hold an option at the same strike so you are able to deliver the shares to him. You are then left with all kinds of money. What's wrong with this scenario?