It looks like it is kind of easy money unless I am missing something. A few days before the ex-dividend day selling a vertical call spread for credit with 2 weeks or less to expire. Since the stock is going to drop the dividend, it is going to a have a short time and thus smaller chance to recover to reach the sold strike. Or so I think.
Case in point: BP.
Stock at 35.7
Selling the 36 17 Feb17 for 46 cents
Buying the 36.5 17 Feb17 for 28 cents
Credit is 18 cents – com.
Let’s…