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Stock-related question. How put option works? XYZ stocks trading at 130$ and i bought a put option at 5$ also own 1 share of XYZ(should

Stock-related question.

How put option works? XYZ stocks trading at 130$ and i bought a put option at 5$ also own 1 share of XYZ(should i borrow it from broker?). If price goes down to 120$ what is the fonctionality of put option?

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