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I see, thanks for all your responses. I figured there are no free lunches. I was worried about the liquidity issue, and the risk of early exercise even assuming the quote was correct. For now, I'll stick with OTM and ATM option analysis.

Hi All, I am a noob in option trading, hoping someone can give me some insights into the risk of this trade. I sell SPY161216P00315000 for 107.33 and buy SPY161216P00310000 at 91? It is highly unlikely that the price of SPY will be above 310 by Dec 16th. SPY Last Price = 220.91...