... boy, this is gonna end well. hey could you tell me what the stock is so i can take the other side of these trades?
In some rare cases, you do have a risk. In case this is a non-standard option, if you hit that bid, it is you who is providing a free lunch.
I don't know what's going on here but I feel like I just showed up to a party where everyone is already drunk.... and the host is sucking helium.
This is almost as good as failed_trad3r's earlier guaranteed to make money trading scheme of simultaneously buying and selling the same currency pair. He'll be the next George Soros!
I came up with a new strategy. On the day before expiration, sell a ITM put and hope you don't get exercised. Good plan no? If the gamble works, thats free money!
Options that are ITM by 0.01 at exiration are automatically exercised, so your plan is destined to fail.