You are paying for the right to sell bitcoin at the strike price on the expiration date.
- Click the Ask Price
- Enter # of Contracts & Price
- Click Buy to confirm your order
- Confirm Buy Order
Contracts: the number of contracts you want to buy. Minimum quantity = 1.
1 long put option mini contract gives you the right to sell 0.01 BTC at the strike price on the expiration date.
Price: the price you pay for the put option. Options prices are quoted in terms of 1 bitcoin.
Underlying: the amount of BTC you have the right to sell at expiration
Premium: the total dollar amount you pay the seller at time of trade
Break Even = strike price - premium paid
Max Loss = premium paid
Max Gain = strike price - premium paid