So if I sell the most recent ones that expire in 8 years now and the stock drops the older ones will still be in the money, but if I believe the stock will rebound it doesn't really matter.That is a good possibility. Likewise, you should also explore protecting your longer-term options with LEAP put options.LEAPs are longer-term options for the underlying stock. By buying a LEAP put, you are protecting your investment against a drop in price below a certain price. In effect, you are locking in your shares at the strike price if the stock price falls below that level. If the stock goes up, you lose the premium you paid (similar to home insurance) but if the stock goes down for some reason you are protected.
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