Let’s close our Bristol-Myers Squibb (BMY) put with a modest profit rather than risk having to roll out a week. We will look to redeploy the capital once the market settles down.
Current Stock Price: $69.16
Cash in Hand: $0.33
Action: Buy to close the BMY Oct Week Two (10/14) 68 Put
Current Option Price: $0.19-$0.24
Recommended Limit: Set your initial limit order at $0.22, but adjust as needed to close today
Profit: $0.11, or $11 per contract
Rate of Return: 0.2% in three days, or 20% on an annualized basis