Cash-secured put

Vendere una put mantenendo abbastanza liquidità per comprare le azioni in caso di assegnazione — un modo per farsi pagare mentre si aspetta di comprare un titolo.

A cash-secured put means you sell a put and set aside enough cash to buy the stock if you get assigned. You collect the premium up front, and in exchange you take on the obligation to buy 100 shares per contract at the strike, no matter how far the stock falls. Traders use it when they would be happy to own a stock, but only at a lower price than it trades today.

Say a stock is at 52 and you would gladly buy it at 45. You sell the 45 put and keep 130 dollars in premium, while parking 4,500 dollars in cash. If the stock stays above 45, the put expires worthless and you simply keep the premium. If it drops below 45, you buy the shares at an effective cost of 43.70 after the premium.

The common mistake is treating the premium as free money and selling puts on stocks you do not actually want to own. If the price craters, you are stuck holding a falling asset, and the small premium does little to cushion a large drop. Only write the put at a strike and on a company you would genuinely accept.

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