A speculator may write an out of money put option on stock with an exercise price of $15 and gets to keep $3 premium only if he thought:

a

the stock price would stay above $12 on expiration.

b

the stock price would fall below $18 on expiration

c

the stock price would stay above $15 on expiration.

d

the stock price would rise above $18 or fall below $12 on expiration.