I am recommending we close our Devon Energy (DVN) put with a small loss rather than risk the stock reversing before expiration.
Current Stock Price: $54.30
Cash in Hand: $0.21
Action: Buy to close the DVN Mar Week One (3/3) 53 Put
Current Option Price: $0.27-$0.30
Recommended Limit: Set your initial limit order at $0.29, but adjust as needed to close today
Loss: $0.08, or $8 per contract
Rate of Return: 0.2% in 33 days, or -2% on an annualized basis