1. it is not positive expectancy (because naive strategies like this never are)
2. it involves trading in less liquid instruments, which means you lose more money to transaction fees
3. you're _selling_ options. Even if these are covered in theory, there's so much scope to screw this up implementation-wise, that it's just not worth it.
I see no redeeming features for this particular "strategy".
1. it is not positive expectancy (because naive strategies like this never are)
2. it involves trading in less liquid instruments, which means you lose more money to transaction fees
3. you're _selling_ options. Even if these are covered in theory, there's so much scope to screw this up implementation-wise, that it's just not worth it.
I see no redeeming features for this particular "strategy".