Since an option's IV must decline to zero by expiration, why don't options traders just sell-to-open calls/puts, hedge by buying/shorting the underlying, and unwind the trade right before the option expires? Since the option at that point would have so little time value left, it's IV would have to be pretty small. Any losses from the option trade should be neutralized by the profit from the hedge. Or they could just sell-to-open the front month call and put with the highest IV, and hedge any remaining delta with a few shares, and rebalance every day until expiration. I bet transaction cost would eat most of the profit, though. Do you know of any services that provide live streaming IV quotes for trading volatility?