We are taking following action:
Sell, to close, MMM Apr 21, 2023 $110 Puts @ $7.10 or better
We are booking 80% profit on these puts that we bought on Feb 9.
Although, we have more time for this option to get expire, but we want to book profits today, utilizing the recent volatility to the downside.
MMM has potential to go down much further, you can prefer to hold but keep a strict stop loss, so that you can still get out with profits from this trade.
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Note: Options can expire worthless. So you must be willing to risk 100% of what you put into trades. Don’t risk funds you cannot afford to lose.