I’ll assume four November 20 puts bought for 1.60, since the alternative November 15 puts were ridiculously overpriced relative to the 0.21 fair value I’d estimated. Since the January 20 puts (CMD) are a better relative value right now, let’s try to buy a few of those as well, bidding 1.90 for two of them, and 1.80 for two more, and 1.70 for two more, day order. _______ UPDATE: Sleazeball market makers jumped ahead of our bid, buying January 20 puts for 1.95. The way to defend against this tactic is to monitor the bid closely, at sporadic intervals bidding a penny or two more than what is reflected. Also, keep in mind that whatever “official” bid the dirtballs are disseminating, it will tend to be well below fair value for relatively illiquid series such as we were attempting to buy.