I bought a put for the stock MOR a couple days ago, which today crashed over 20%. I thought puts meant you're betting the stock goes down, so if it crashes down, you'd make a ton of money. Today when I went to check my portfolio, my puts went down over 30%.
This is the 1st time I've been correct about my puts, yet still saw a loss of money, making it now confusing. Imagining if the stock actually swung the other way upwards, sounds like almost all the money would've been lost. Can anyone explain what's happening?
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