[maest]

It's terrible in that:

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".