We hold the June 25-June 23 put spread, having legged it on six times for a 0.08 debit. This means that although we can lose no more than $48 on the position if the underlying is trading 25 or higher at expiration, we have a chance to make as much as $1152 with GDX trading $23 or lower. The spread is currently bid 0.45 and offered at 0.80, so let’s offer good-till-canceled for a nickel less, or 0.75, just to let the market makers know we’re out there. The stock would have to fall quite hard to get the order filled, but if we could come away with a $450 gain at this time, it would be advantageous to do so. With GDX falling, it will be more difficult to leg out of the position than in because we would need to sell the June 25 puts first, leavking us naked short the June 23 puts. I’ve included a snapshot of TradeStation’s option analysis page that shows the bids and offers for the puts in our position.