I have only recently started looking into options trading, so the question may come off as ignorant.
My thought was that for an underlying security that has no special event like earnings. Could we construct a pair of option trades to obtain roll yield on time value?
A simple case: In November, sell a call option expiring in December and buy another call option expiring in January next year, both at the same strike price. Would this allow me to extract the time value while hedging against price movement?