Selling stock options the day before ex dividend date?

I was thinking that you could buy an ITM stock option and let it go up until three dates before record date (one day before ex dividend), and then sell it. Because on the next day (the ex dividend date), it will go down. And I could either take those profits and run, or buy it back on the ex dividend date. Is... show more I was thinking that you could buy an ITM stock option and let it go up until three dates before record date (one day before ex dividend), and then sell it. Because on the next day (the ex dividend date), it will go down. And I could either take those profits and run, or buy it back on the ex dividend date.

Is that a strategy that works? Do people do this?
Update: Keep in mind I'm talking about stock OPTIONS.
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