Conversions, if you are able to receive a credit, are no risk options trades with a very limited reward. One example of a conversion is: Buy shares of SLV @ $18.73 Sell JUN 18 call @ -$ 1.08 Buy JUN 18 put @ $ 0.34 Net Debit = $17.99 Guaranteed exit/assignment = $18.00 Guaranteed Profit = $ 0.01 ADVANTAGES: 1. Possibility for a no-risk trade 2. Credit is received 3. Management is not necessary 4. Opportunities can easily be found with PowerOptions DISADVANTAGES: 1. Guaranteed Profit is extremely limited 2. After commissions limited profit might turn into a loss 3. Due to low profit, 1,000s of shares may need to be traded which hinders the retail investor 4. Opportunities may appear, then disappear quickly. I found this trade on PowerOptions, but by the time I linked to the profit and loss chart the trade showed a guaranteed loss of -$0.04…