A speculator may write a put option on stock with an exercise price of $15...
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A speculator may write a put option on stock with an exercise price of $15 and earn a $3 premium only if he thought the stock price would stay above $12. the stock volatility would increase. the stock price would fall below $18. the stock price would stay above $15. the stock price would rise above $18 or fall below $12
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