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Buying a PUT on SP500

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Can anyone confirm my understanding of the above trade, please? The S&P500 is quoted at USD 3095.13. I purchase a September 2020 PUT with a strike at 3000 for USD 132.65 with a "size" of USD 0.01. If the "size" were 1 USD, my position size would be USD 3095.13 x USD 50 = 154,756.50. At my chosen size, my position size is USD 1,547.57. Whatever happens, I cannot lose more that my initial premium of USD 132.65

Is this all correct? Thanks


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If I look at your example on the platform the sep 20 put strike price 3000 costs £169.49 at the minimum £1 a point.  This is the equivalent of 3000 x £1 = £3000 so you are shorting £3000 worth of the index.

So you will start to make money if the index ends up below  2830.51 (3000-169.49 = 2830.51)

I haven’t found much info re options on ig, but there is lots of stuff on the web

Hope this helps..

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