Is this strategy common or uncommon amongst option traders?

I was on optionsprofitcalculator.com/calculator/long-call.html (beware it runs Javascript and ads slow down my computer). I was testing out limit pricing and strike prices. Then it downed on me. I could use $500.00 to hypothetically trade 500 contracts priced at $0.01 with a strike price that is $0.50 more than the current price. I looked at the decay though. If nothing happens the third day, big oof. Am I last to the party on this? I figure I would try doing this for a stock that has swings between $0.50 in an entire day. I just did a calculation with $0.30+ increase and the profit is good. My only worry is that I have seen in a day where the stock price does not swing the way you want it to. The decay is horrendous, but it is very tempting to try it when a stock is not doing much.