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+O.,,er 16: Put Option Buying 263 
+3, Sell the in-the-money long put and use part of the proceeds to purchase out-of­
+the-money puts. 
+4. Create a spread by selling an out-of-the-money put against the one he currently 
+holds. 
+These are the same four tactics that were discussed earlier with respect to call buy­
+ing. In the fifth tactic, the holder of a listed put who has an unrealized profit might 
+consider buying a listed call to protect his position. 
+Example: A speculator originally purchased an XYZ October 50 put for 2 points when 
+the stock was 52. If the stock has now fallen to 45, the put might be worth 6 points, 
+representing an unrealized gain of 4 points and placing the put buyer in a position to 
+implement one of these five tactics. After some time has passed, with the stock at 45, 
+an at-the-money October 45 put might be selling for 2 points. Table 16-3 summarizes 
+the situation. If the trader merely liquidates his position by selling out the October 50 
+put, he would realize a profit of 4 points. Since he is terminating the position, he can 
+make neither more nor less than 4 points. This is the most conservative of the tactics, 
+allowing no additional room for appreciation, but also eliminating any chance of los­
+ing the accumulated profits. 
+TABLE 16-3. 
+Background table for profit alternatives. 
+Original Trade Current Prices 
+XYZ common: 52 XYZ common: 45 
+Bought XYZ October 50 put at 2 XYZ October 50 put: 6 
+XYZ October 45 put: 2 
+If the trader does nothing, merely continuing to hold the October 50 put, he is 
+taking an aggressive action. If the stock should reverse and rise back above 50 by 
+expiration, he would lose everything. However, if the stock continues to fall, he could 
+build up substantially larger profits. This is the only tactic that could eventually result 
+in a loss at expiration. 
+These two simple strategies - liquidating or doing nothing are the easiest 
+alternatives. The remaining strategies allow one to attempt to achieve a balance 
+between retaining built-up profits and generating even more profits. The third tactic 
+that the speculator could use would be to sell the put that he is currently holding and