Let’s book profits on our expiring Citigroup (C) put rather than risk holding through expiration.
Current Stock Price: $72.45
Cash in Hand: $0.51
Action: Buy to close the C Oct Week Two (10/8) 72 Put
Current Option Price: $0.09-$0.11
Recommended Limit: Set your initial limit order at $0.10, but adjust as needed to close today
Profit: $0.41, or $41 per contract
Rate of Return: 0.6% in four days, or 52% on an annualized basis