I’m new to Options… If I made a Sell Put for 30 days and it has earned about $200 in just 2 weeks… 1) Shall I just let it expire or 2) Shall I terminate/close it now, and will I get the earnings or would it revert and be given back to the purchaser?

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Close it! Book the profit. What %?

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Your view of where the underlying goes between now and expiration should dictate to sell now or wait till expiration. To answer your second question, if you sell it, you’ll get the difference between where you sold it and where you buy it back which in your case, you’ll net a profit of $200

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