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Put Option

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Definition
A contract giving the holder the right to sell a specified quantity of an underlying asset at a predetermined price before expiration.

Explanation

Put options increase in value when the underlying asset's price declines. Buying puts is the most common way to hedge a stock portfolio — a protective put acts like insurance against a stock decline. The maximum loss is the premium paid. Put sellers (writers) are obligated to buy the stock at the strike price if exercised — they collect premium but face significant downside risk. Put-call parity establishes the mathematical relationship between put prices, call prices, and the underlying stock price.

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