One of the learned IMO members here posted a strategy a while back for selling SPX options. He/she would only do it weeklys on Friday, expiring next week. So 7 day hold. He/she would look for the furthest out option that was bid .05 or.10 and hit the bid. Some of those option were waaaaaaay out. I don't think they would ever get hit. Why was somebody buying them? A compliance issue of sorts required them to have some crazy far out protection. I never backtested it but whenever I did look at it, it seemed like the closest thing I've seen to free money.