We are long four Nov 15-20 put spreads for 0.35 and short one Nov 12.50 put for 1.20. The bear spread has the potential to widen out to 5.00 at expiration, producing a gain of $465 per spread, but if we can capture 80 percent of that five weeks before expiration, we should try to do so. Accordingly, I’ll recommend offering the spread for 4.00, good for the remainder of the week. If you are working the order via direct access, you should leg out of it by selling the November 20 puts first, on the offer, then paying the offer to cover the short November 15 puts. This would effectively permit an exit at a price midway between the spread bid and the spread offer. If you are able to execute the spread, simultaneously cover the short Nov 12.50 put at-the-market. Incidentally, another way to lock in the equivalent of 4.00 for the put spread would be to buy the November 15-20 call spread for 1.00. That would leave you with a riskless, four-side position called a “box,” and when the box expires on October 17, no matter where the stock is priced, you would realize a gain of $365 per — $500 for the box, less the $135 you paid for it. The $120 received for the Nov 12.50 would be added to your total profit of $1460, provided Citi is trading 12.50 or higher.