### Comment:
You don't have to own shares if you sell spreads, the contract you're long is cover for the contract you are short. 
  
 e.g.--   
 Sell put at 170 strike for X dollars   
 Buy put at 160 strike for X-d dollars   
 Profit d dollars for opening position

### REPLY:
Yeah, but if it tanks below $170 your risk is about $962 per contract. For the record, the stock moved about $23 down since last week.

### END.