Put Options Explained for Beginners

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====
Put options are one of the two primary option types, with call options being the other.
In this video, I explain the basics of put options in great detail, covering:
- What are put options?
- Intuitively understanding why put option prices change inversely to the stock price
- Put option intrinsic and extrinsic value explained with a real AAPL option
- How put option buyers make and lose money
- Two trade examples of put option purchases (profitable and unprofitable)
- Live demonstration of buying a put option on the tastyworks trading platform
- How put option sellers make and lose money
- Two trade examples of shorting put options (profitable and unprofitable examples)
- Live demonstration of shorting a put option on the tastyworks trading platform
I realize I did not talk about exercising put options in this video, and that's because options are rarely exercised due to the loss of extrinsic value when exercising an option.
Instead, options traders buy/sell options with the intent of profiting from the price changes of the option contracts, and have no intention of ever exercising the options to convert them into shares.
Be sure to leave a comment down below with any questions you may have!
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Options Trading 101: • Stock Options Trading ... tastytrade, Inc. (“tastytrade”) has entered into a Marketing Agreement with Project Finance(Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade and/or any of its affiliated companies. Neither tastytrade nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent or this website. tastytrade does not warrant the accuracy or content of the products or services offered by Marketing Agent or this website. Marketing Agent is independent and is not an affiliate of tastytrade.

[@projectfinance]

✅ New to options trading? Master the essential options trading concepts with the FREE Options Trading for Beginners PDF and email course: geni.us/options-trading-pdf

[@procopiaguru7149]

Chris, I've been doing buying stocks for a year. Two days ago while being off from work, I had just come across about this so called option from an advertisement from raging bull which I subscribed and paid about 399 US dollars. Then there you are, I learned how to do this Option today with you more than those that encourage people to join their session for about thousands of thousands of dollar. Thank you and will continue to watch you to learn more.

[@supaclass760]

I beg to differ- your videos are the most informed, easily understood videos on KZbin! Keep up the great work

[@JennysRandom531]

By far the most informative options video I’ve seen!! Big thank you 🙏

[@mikedok1]

Whatap Chris!! That was awesome. I truly understand this. I just completed 3 of your videos with notes. I’m moving on to implied volatility next. The tutorial journey continues.

[@Monikah_Empress]

Thanks for your video they really taught me what I need to start trading options, such a humbled soul. To see you even use demonstrations that result in lose no matter how small says a lot. Thanks for sharing

[@shikhashersinghyadav475]

Another great video. You explained everything so clearly. Thank you :)

[@rajanne2947]

Very clear exposition and clear voice and presentation! upvoted !

[@presidential_hands]

Thank you for the great video I thought differently about put options before this. It’s good to be informed on these things before exercising them personally.

[@jiawenzhang7744]

Your video is extremely helpful, really love it.

[@samuimuscle]

Great job as usual. I am following your training now.

[@HomelessTrader]

One of the best videos I seen on KZbin

[@supremeteam1831]

This is BY FAR THE BEST EXPLANATION OF ALL THE PUT VIDEOS PERIOD!!!! THANK YOU SIR

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@rajeevg2129]

Terrific video Chris! Detailed, precise and clear. Really helpful for an options beginner. A quick question though - does closing a put option effectively end the contract? or am i still obligated to buy the shares in case I am buying and selling a put and the new buyer decides to exercise? read on fidelity site that - only short trades can be assigned and long trades exercised.

[@chairman6652]

Thanks Chris it's good to review the basics from time to time . P.S it would be cool to hear your thoughts on why there's such an excess of different strategies concerning Options and do we really need so much . Many thanks 👍

[@zillionairesclub2983]

good to remind basics, even when you will later never trade them just like that but typically in more complicated strategies such as IC, strangle, butterflies and so on

[@pimpinassassin323]

So far one of the best I've seen on put options like made it super easy to understand 👍 👍

[@jacobhernandez4347]

I find your work fascinating, the way you define what the Put Option is as an instrument . New to day trading here, I find that Risk management is critical to know, as a student of Day Trading. This recalls me to, The Risk and Reward Ratio. In all, thank you for this channel. Thank you for sharing, and sparking my curiosity as a new student to DayTrading

[@Randall-A-Yates]

Chris... I have found you to be the best options content on KZbin. I recommend you to all of my friends and family who wish to enter into this venture with me

[@chiayeungong2593]

Thank you again, Sir .You are awesome

[@franzedlc7430]

This is a great video. Thanks! Do you always trade on Tastyworks or have you ever used Etrade?

[@gaetanguimond1911]

Thanks men, it is very vsry valuable to see it being done on a trading platform, very well explain.

[@projectfinance]

Thank you!

[@horizonglobalmarket4939]

I am new to option trading, when I look at the list for a stock, usually, there are two different lists for the same expiration date but they have significantly different strikes and asks pricing, any one can help me to understand this please. thanks.

[@kenwatson7981]

I really love your video's you do a great job of explaining it all the way you do and Think i've learned a lot cuz of your great value. Ready to try, do you know of a site that allows you to paper trade or fake trade to get the handle of it and practice a little bit? I'd like to learn and play with it a little just to make sure I understand it all before I dive into it. Seems like I've seen it before but can't remember who offered it? Any ideas?

[@Trading_Nerd]

Thanks Chris for the great videos. Hoping to join you on one of your lives soon

[@3406226]

Thank you!

[@sunshineandhappiness6014]

Thank you!! ❤

[@indyslimshady]

Chris: one quick question, when buying put contracts, is it recommended to get "in the money" options or "near the money"? I have heard that ITM is better than NTM and would appreciate your feedback. Same question for calls as well. Thanks!

[@ss-dy1tw]

Very nice Video, Thank you so much. Gob bless you and your family.

[@carriecheng6579]

Great lesson, thank you

[@projectfinance]

Thank you!

[@chantalderonvil3141]

Good job, very clear and pertinent examples. Thanks

[@projectfinance]

You are welcome!

[@edm5115]

Very clearly explained. Many Thanks!!!

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@willfindjr]

Another great video... thanks a lot.

[@alekseytatsitov2522]

Great video. I came to a conclusion that selling puts is one of the easiest strategies, especially for beginners. If you don't know which put to sell, you can always use screeners. I sometimes use screener from 5Greeks

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@JonathanR34]

Dude I get it now thank you so so much!!!!!!!

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@narindersingh6980]

Thank YOU

[@mariusm1793]

HI Chris! Excellent teaching skills. I need your advice as to how to cash out a long put before expiration date (I bought a long put SPY at strike price of $245 for Feb 19th 2021). Thank you kindly.

[@niravvaniya777]

Great knowledge. Keep it up brother.

[@projectfinance]

Thank you! Will do.

[@liviohuber4326]

Very informative video, trading options has been a huge source of income for me these past few months and am glad to have relished it's opportunities.

[@cynthiahilbert3915]

I got fire up this morning watching these video, it shows they are so much I don't know about the put options.

[@aaravshivansh212]

This video is a great watch for newbies.

[@jacobaltman9923]

Any tips @liviohuber, I lost so much on my last trade and any help who be very much appreciated.

[@liviohuber4326]

Write them through mail with

[@marsdam]

HI cris, dont you have any video with butterflies or bnroken butterflies? can you do some of them? i like very much how you explain the options. Thank you

[@kangokidkidd4037]

Love these videos thank you Sir.

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@ajaykumar21]

Excellent video

[@kimberlyshim9248]

what price point do i need to buy to maximize profit when i buy call and put options?

[@quelove8556]

Thank you teacher 🙏🏾

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@fullcircletrader]

Can you please guide on how to calculate Option Break-even?

[@etp214]

so if I got a 565 put with ed of 9 days what does the price need to be to sell?

[@TheGREATdEEPs]

Thanks ❤

[@projectfinance]

You're welcome 😊

[@jerrynix5206]

Great class as usual, thank you Chris! Are you still going to do some live trading videos in the future? 🙏😁

[@projectfinance]

Thank you! I may not do "live" trading videos per se, where you are watching in real-time as I enter/exit trades, but I'd like to do a video series where I record real trades that I'm making.

[@jerrynix5206]

@@projectfinance perfect!

[@hw5091]

@@projectfinance I know this is a dopey question but- If I buy a long put, then the price of the stock goes down in say, an hour, like $5 and I can sell the put it for a $50 profit (so I do), can I get assigned at a later date if the stock price keeps going down say another $10, and that person then exercises the option I sold them? On the webull app if I buy a put long, when I enter the selling screen for the option I just bought, it says it's selling the put short and shoes the maximum loss if the stock goes to zero, and the minimum gain of whatever I paid for the option and what it's worth over that original price. Thanks in advance, just trying to make sure here.

[@private464]

See 28:45 for selling puts. You should have listed this to make it easier for us to see :) Thanks for the good video and explanation. I will watch other ones from you, since this wasn't totally clear and easy to understand.

[@projectfinance]

Great point! I will definitely go through and timestamp this video now. Thanks for pointing that out!

[@VincentArdolino]

Just an amazing job breaking down the complex into easily digestible chunks of knowledge. Options trading is very deep and complicated but your calm clear breakdown almost makes options trading easy...Almost. Thank you for the time and effort you put into teaching us rookies the fundamentals of how to safely explore the options trading environment.

[@anthonyl.m.8307]

Great video! I'll watch a 2nd time for deeper understanding.... 👍

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@loreall.2461]

In your first Tesla example of the stock price, are you speaking of two different options contracts, or are you referring to the value of the stock price and how it affects the value of the contract over time and closing out the contract before expiration?

[@monjurkarim9661]

excellent ! best option's master on the net !!

[@projectfinance]

Many many thanks! I appreciate your viewership and comment!

[@monjurkarim9661]

@@projectfinance thank you. just little curious to know if i like to exercise a long call or put option , what exactly should I do prior or on the day of call or put expiration day. i am using thinkorswim platform.

[@muhammadyousaf5844]

do we have to put buy first and then sell. Can we first put sell and then buy for decreasing stock?

[@guyredares]

100% clear

[@projectfinance]

thank you!

[@AlexanderR1960]

Awesome stuff! Thanks so much. I am having the challenge of understanding the difference between a short call and long put. Any help is appreciated.

[@mikespencer6261]

Only difference is credit or debit.. short call you are selling to open so you receive the money wich makes it credit.. .. long put you are buying to enter so it’s debit. But yes in both scenarios you want the price to go down.

[@everythingallin4905]

@@mikespencer6261 short put you want the price to rise though correct?

[@mikespencer6261]

@@everythingallin4905 yes that is correct.

[@panyadarapanyanouvong9044]

Hello I have questions about buy options Can I buy at price strike or below for put option

[@ericnazario8486]

Great!

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@chloemaxwell2628]

Very informative video. I've heard others say that selling puts is a good way to possibly purchase a stock you want anyway, but at a lower cost. You didn't mention this. Rather than ending up with a loss if the stock goes down, isn't it true that you can take delivery of the stock, admittedly at a higher price than it's currently trading at, but with the possibility that the price will recover?

[@MaxxerG]

Exactly

[@al1383]

Thanks! Nice video, I probably missed the answer.... Do I have to have funds in my account in order to excercise a put option? On Robinhood. Example, I have a put option exp. 3/20, $6 strike, $5.95 is break even, currently at $5.34 (MEET). Do I need $534 in my account in order for RH to excercise on Friday?

[@projectfinance]

Do you want to short the stock? you don't have to exercise the put. I I would not exercise the put. You will not make as much money as simply selling the put for a profit. If your 6 strike put is trading for $1.00 and the stock is at $5.34, you'll burn $34 in profits because your put has $0.34 of extrinsic value, which you will lose if you exercise the put.

[@al1383]

@@projectfinance gotcha, thanks

[@teopro8274]

Hi Chris, if i buy a put at 10 at expiration in 1 week, and the price drops before the expiration date, i have to buy it, or I can wait until expiration date ?

[@stevebrown275]

Can you give an example of how an option trading below its intrinsic value would present a risk free profit opportunity, please?? Thanks in advance...

[@HydrogenAgent129]

It's good to understand how to make money but it's also good to understand other things as well

[@thomasslinger287]

Excellent 👍🙏

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@Jamessammark]

Hi, what will happen if I dont exercise my put which is in the money on expiration date? Will it be automatically exercised or sold my put? Thanks

[@floydsmithjr7999]

That’s a good question that I can’t answer either. I would think since you didn’t exercise it yourself and the contract expired without being acted upon it would expire worthless and you would lose what you paid for the contract. Seeing as how no actual shares traded hands, and only the right to trade hands was agreed upon and paid for that should be the end of it. This stuff really isn’t that difficult but some reason it’s hard to rap your head around, at least for me it is. It’s like you’re not paying for something, you’re paying for the right to pay for something, and if you exercise that right then you pay for something on top of paying for the right to pay for that something. 😜

[@norbertcsibi7720]

What if we use the put options without owning a share, and in a timespan of 1 week? Could you make a video of that?!

[@zafarkhanis]

Started paper trading options today. Purchased TSLA PUT option and when share price went up the profit on the option went up when the share price went down so did the option p/l . Is this due to IV being high ? So far have made over $1000 p/l however confused as to how since the behavior of the PUT option isn't as expected, obviously much more learning and paper trading required

[@tscmaritime8446]

Thanks for such a great Video on put options. Can you please make one more video on how to hedge your portfolio on this bear market by selling SPX or QQQ ?

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@masterbath2062]

@ 7:34 the Tesla example did u mean to say the stock price was $350? Sorry I’m new to this so trying to understand. and great videos btw NEW SUBSCRIBER

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@zulkifliani9894]

Great

[@kjkgood]

how do you actually sell a put option that you have previously bought ? simply into the market at its intrinsic value ?

[@ShonTolliverMusic]

So far, I'm 0-35 in finding a video that explains this. It's like people make these videos and just talk.

[@projectfinance]

Check out my 3-hour options for beginners video!

[@floydsmithjr7999]

It’s taken me a good amount of time to wrap my head around this, and Im still not 100% there, but close. I think the first place to start is to forget about buying or selling “shares” for the moment. What you’re doing is buying the “right” to buy or sell shares. Unless you actually want those shares, the actual shares themselves you should not be concerned with, what you’re doing is buying or selling the “right”. The risk with starting a contract by selling the “right” to buy shares at a specific price is the buyer can decide to actually buy the shares, and if you don’t have them you’re gonna have to pay that price for 100 shares. Buuuuuuut, the buyer pays you for the “right”to buy, and if they don’t exercise that “right” and the contract expires, you get to keep what the buyer paid you, no questions asked.

[@ToopC1]

Hi, can I sell a put option without buying it first? Thank you for sharing

[@projectfinance]

Yes, that's called "shorting a put"

[@nicoleleger5777]

I'm very new to this and trying to make sure I understand everything in the video. One thing that always confuses me is how someone would be able to sell a put option at the higher strike price. Why would anyone want to buy that put option if the share price has fallen and they'd be able to buy the shares at a much lower value? Is it because they anticipate the share price falling even lower and then being able to sell the option themselves? It seems to me that no one would want to buy a put option unless the share price had been high for a significant amount of time and was due to fall.

[@DanFrederiksen]

Looking at puts for a completely random stock NKLA for no reason, the prices don't make sense, stock is at 19 and they want 6$ for a 15$ strike put so you only break even if it drops to 9. Is that normal or because everyone expects it to tank? on the other hand, put options already well in the money, sat a strike price of 30, you might get for 12$ so only a dollar or so in the red. as opposed to 11 dollars in the red with no upside to speak of. Are options traders really that short sighted focus on theoretical percentage gains? or am I reading it wrong. also there are no strike prices below 15. is that because the options can't keep up with a fast dropper?

[@omarkhaled3922]

Beautiful

[@projectfinance]

Thank you! Cheers!

[@chiweitan96]

For a beginner, your video is confusing. At 2:04, you mentioned about put "buyer" selling 100 shares. Is that not a seller ? A seller sells and a buyer buys right ?

[@landisk3530]

Hi Chris, just few weeks ago, I wanted to buy UCO at $12 when the current price was $18. So while waiting I sold a put 14d at strike price $12. UCO came down to $12 a week later but I couldn't buy the stock since it would be too risky if I bought the stock and got exercised at the end of 14d. By the time options expired which is nice that i kept the premium, but UCO is already up to $16 which I would have made more if I just buy the stock at $12. Is there anything I could have done better in this situation?

[@projectfinance]

Not really, and that's the exact problem with selling puts. The whole idea of "selling puts to buy stock" being amazing because you get paid to wait, is that you lose TONS of money if you never take the stock through assignment. You have limited profit potential and if the stock surges, you only get your put premium. And then if you really want the stock, you end up buying it at a higher price, or continue to sell puts. The only thing you could have done was close the short put for a loss and buy the stock if you didn't want to double your exposure.

[@dave-yj9mc]

You might have also been able to buy a call / calls to ride it back up.

[@Jmoney20121]

My confusion with selling a put is that the seller buys the shares if th buyer exercised. How can you buy something you already own. Is it because the buyer of the put received the option and ultimately the seller has to buy them back? Why does the seller buy when selling a put?

[@sanaullahkhan6051]

Can you please make some videos on buying option calls and puts and put these videos out every week thanks

[@dipo2142]

Check out Chris sain

[@DanFrederiksen]

I assume if you just wait it out to the expiration date, the transactions happen automatically on most/all platforms and you get the intrinsic?

[@UncleForHire]

I read that some make you go through with the contracts if you can afford it and if you can't they liquidate you. You don't have to worry about that if you close them though.

[@mariusm1793]

What if I want to cash the contract before expire date?

[@panatha4life]

GameStonk brought me here

[@gossiptabloidheadquarters5429]

Dibs

[@gaetanguimond1911]

Is buying or selling spreads the same as creating a stop loss ?

[@projectfinance]

Using spreads is a way to define your loss, so it is similar to a stop-loss in concept, but it is technically not the same as using a stop-loss.

[@gaetanguimond7213]

Thanks, how do we setup a stop loss then with options ? Do we have to manually insert a stop loss for 100 shares per contract or there is an other way to do that ?@@projectfinance

[@RobertoC1988]

Do you have to buy shares if it doesn’t hit the price or you lose your premium only??

[@RobertoC1988]

@Batman_1337 so I have to put it as limit on webull??

[@RobertoC1988]

@Batman_1337 so if hits my strike price I can decide either to exercise or sell ??

[@RobertoC1988]

@Batman_1337 thank you

[@RayneClouds10]

Can you buy put options on stocks you don't own?

[@projectfinance]

Yep! If you own 100 shares and buy a put option it’ll effectively limit your downside on the shares since the long put represents the ability to sell 100 shares at the strike

[@myomy2009]

Options are somewhat confusing. What's the difference between buying a Put and Selling a Call? Seems like the same thing...?? Does one get a credit when Selling a Call?

[@faithmike1074]

❤

[@kealee6350]

why you never mentioned about current stock price?when showing the example?? Also the exact strategy to win???

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@pappyjohn9911]

👍

[@rafaelschulz6264]

How can I get in the business.? I love your.ppt

[@rb_renders]

why when you short the put you bought at 1.49 for 1.45 you only lose 4$ and not 400$?

[@tf3908]

Why do put options with long expiration dates make money?

[@teesmith903]

Its not safe to say that long expirations always result in profit. However, longer expirations give you more time for profit

[@jaimeguzman8241]

I want to open an account with tastyworks and i know is got to be $2000 well my question is To do day trading how much do i need to hv in my account ?

[@projectfinance]

Well, you can get a margin account with $2,000, but you need $25,000+ to not be tied down by the Pattern Day Trader rule (industry-wide regulation). www.investopedia.com/terms/p/patterndaytrader.asp

[@theisiciean1325]

💘

[@D.M.me.on..tel.grm.ItchyBoot]

☝Thanks mate! feel free to reach out, got something to share.🎁🎄

[@garyvee1042]

I love the fact you specified that this is not get rich fast scheme. I don't know who needs to hear this ,you've got to stop saving money . invest some part of It,if you really want financial freedom. Invest in bitcoin, gold , buy stock, forex market, commodities, just invest and save yourself

[@mattewhuo8847]

My advice to anyone going into Crypto currency trading is to get yourself attached to a broker who will make good returns on investment.

[@itsjimmy7133]

I Will recommend mrs Jessica trading services to you, their strategies are working for me at the moment and I'm making good profits from bitcoin investment, She's available on what's app

[@itsjimmy7133]

*[phone]*

[@promise5343]

Wow you just mentioned and recommended mrs jessica , she has helped me too and I earned $10,000 in two weeks on bitcoin trading.

[@christinakayy931]

After several winnings with mrs Jessica, I can boldly say bitcoin trading is profitable.

[@ladym9742]

Can you show the math calculation on a white board please

[@houseofsteezy4119]

How will selling shares at a higher price than their worth be more valuable.

[@AlexEckelberry]

Let's say you have a car that's worth 1,000. But you have the option to sell it for $2,000. Wouldn't that option be valuable?

[@visiontranscend60]

As a person who easily understands the structure of music and how modes and harmony in complex music theory works with absolute ease, still I am not able to follow along all this securities instructions at all? Its just not clicking. Perhaps its because with zero background in finance, you are assuming I understand the structure and reasoning below all these abstractions. You need to explain the why and the underlying foundations are behind exercising any of these instruments and how they work, otherwise nothing makes sense and its just meaningless abstraction to me with all these abstract terms and artificial constructs.

[@scotthenderson4376]

Who is buying these stocks above the actual price of the stock to make this profitable

[@ThePyroTempest]

The person who sold you the put contract will be buying the shares at that higher price. This is because when someone sells a put, they are selling to the buyer the right, but not the obligation, to buy 100 shares of the company at the strike price. Naturally, if the stock does not fall enough and the contract expires OTM, the seller is the one who benefits since they get to keep the entire premium.

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