If Max doesn't own shares, the option can be exercised to initiate a short position in the stock. Since Max doesn't own any shares to sell, the put option will initiate a short position at $11. He can then cover the short position at the current market price of $8, or continue to hold the short position. Initiating a short position requires a margin account with enough money in it to cover the margin on the short trade.
發表於 2019-12-4 21:07:20
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