Its not very risky if I am putting less than 1% of capital at risk. Its not very risky, if the hard stop is the cost of the option. Like you stated, if I am wrong I lost $ 30 with possible reward being $ 100 or more.
Quote from volente_00:
If you bought that put today, you paid minimum 1% for time. It also lost almost .30 of time just today. With only 4 trading days left and if we move up tomorrow or don't fall much the premium erosion will be high. I'm not saying you won't make money on it but it is very riskk bet with the open interest where it is.