I was hoping to get some input on a very simple strategy I am considering. I have noticed that quite often (I don't have good enough data to know exactly how often) a stock will move far enough during the final month of an option that a straddle could be paid for by taking a position in the underlying. For example, on November's expiration day, xyz is at 25, and the 25 straddle can be purchased for 1.50. Looking back over the chart of xyz for the last year, we see that xyz almost always moves up or down more than 1.50 between expiration days, so we buy the straddle. Now we put in an order to buy xyz at 23.40 and one to sell it at 26.60. Obviously, the goal here is to purchase/sell the stock at a price that will pay for the straddle and commissions, and give us a very small profit. Now we own a put or call for free and hope for a retracement (which our review of the chart shows is likely). If xyz retraces all the way to 25 we cover and lock in the 2.50 profit and have a free straddle. I also wondered if it would be a good idea to put on a butterfly or iron condor or sell a naked straddle on QQQ or some other index to help hedge the risk of the long straddle in xyz. Anyway, that's the idea. I'm sure it isn't original, so I would appreciate any insight any of you might care to give. Thanks, and good luck trading.