Bull put spread turn arouns

[crayon851]

Hey, just want some opinions on turning around a bull put position where the underlying has passed your upper strike.

If my intention is to own the stock or I wouldnt mind owning it, my solution to this scenario is to sell the long put and wait to be put the stock, now at an even lower cost basis.

what do you guys think about this?

 

[Georgi90]

I think you should go the way you described it. There is absolutely nothing wrong with your idea especially with your six figure account.

 

[crayon851]

I think you should go the way you described it. There is absolutely nothing wrong with your idea especially with your six figure account.

why do you mention six figures?

 

[annaland]

huh? If you executed a bull put spread and the underlying is above the higher strike, then you should have a profit. Why would you want to turn it around?

 

[crayon851]

huh? If you executed a bull put spread and the underlying is above the higher strike, then you should have a profit. Why would you want to turn it around?

past below your upper strike and through your lower strike or somewhere between.