Let’s book profits on Bank of America (BAC). We will look to trade it again soon.
Current Stock Price: $24.84
Cash in Hand: $0.72
Action: Buy to close the BAC Nov Week One (11/6) 24 Put
Current Option Price: $0.25-$0.27
Recommended Limit: Set your initial limit order for $0.26, but adjust as needed to close the position today
Profit: $0.46, or $46 per contract
Rate of Return: 1.9% in eight days, or 88% on an annualized basis