Like I said before, this strategy is really not conducive to to guys off the floor. I'm not trying to discourage anyone from doing them, I'm just trying to be pragmatic here. Even most guys on the floor now days stay away from div plays now. The problem your always going to have is when options are DITM, you will never get a tight spread because they are very illiquid. I would just avoid them all together. Not trying to be a pessimist about them, there just isn't much upside and like Nitro correctly pointed out, you still have gap risk. Now having said all this, there is something to be gleamed from this thread and that is to always make sure you exercise calls that have deltas close to 100 when they go ex-div. Always, always, always! This is very important.