has reported, page-13

general rule:
The are no free rides.

If it was possible to dividend strip easily i.e. take the dividend and the franking credit but suffer no fall in the underlying asset, then everyone would be lining up to do it with the resulting SP movements and volume.

Options prices generally reflect value of the dividend so there is minimal value there.

Better options include buying on weakness up to one month prior and then holding 15 days after ex date to ensure you can claim the franking credit under the 45 day rule. This can smooth out price movements.