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(FINANCE) a tradable financial [instrument] that consists of a commitment to buy a fixed amount of X at a fixed price (known as a "strike price"). Put options are the opposite of a call option, in which ones to sell a fixed amount of X at strike. Put options are useful to traders [interested] in covering risk. They guarantee a minimum price at which one can expect to sell one's holdings of X. When the strike price of a put is less than the spot price, then it is "[out of the money]" and has no intrinsic value.
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