Are naked calls/puts insanely +EV? What am I missing here?

[pig4bill]

What you're missing is the theoretical value is based on the average volatility over the past 30 or 60 or something days. Does this market in the last few days seem like it's trading with the same volatiity as the last couple months?

They used to show the current volatility so you could see if the option was mis-priced, but they took that feature off the last time I looked.

There are options professionals that have software that continually looks for options mis-pricing opportunities.