Let’s book excellent short-term profits on our Bank of America (BAC) put.
Current Stock Price: $40.82
Cash in Hand: $0.55
Action: Buy to close the BAC Apr Week Five (4/30) 40 Put
Current Option Price: $0.05-$0.06
Recommended Limit: Set your initial limit order at $0.06, but adjust as needed to close today
Profit: $0.49, or $49 per contract
Rate of Return: 1.2% in three days, or 149% annualized