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The Dec (17) 2021 Put option strike 3.400 is trading at 170, with a 32.90% implied volatility. If you have a portfolio of US equities,

The Dec (17) 2021 Put option strike 3.400 is trading at 170, with a 32.90% implied volatility. If you have a portfolio of US equities, and you are worried of a sharp correction in the market, would you buy this option?

How much has the SPX to drop before making money on you put option?

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