I just did a buy and write and I'm wondering why someone would take up the other side of this trade. I've rounded the numbers for simplicity: Stock is $15, $3 call option with 400 days left is $12, so no premium. Stock pays high dividend, ex-dividend date in 2 weeks. Why would someone buy this call? Why not just buy the stock directly? Sure there's no premium, but it's not like they're getting any leverage or protection either. Obviously this is very thinly traded but I still don't get it. I hope I don't get called before ex-dividend date and waste my brokerage fee, because that's the only risk I'm taking on my side of the trade.