### Comment:
You can use it to limit losses

### REPLY:
Oh right! 
  
 Not sure what I was thinking earlier. After reading your post,  I almost did this on a $SPY put I had from yesterday, but didn't feel like actually thinking about how options work so didn't go through with it. 
  
 I'll just have to figure out max loss and profit and stuff to put my mind at ease when I get home.

### END.