the July puts

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starfish06 starfish06
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the July puts

I have had the thought that the 5,762 July 2.50 puts were initiated to offset price pressure from a large seller. In other words, a means of exiting while also benefiting from upward movement in the puts. Unfortunately, I see none of the puts were sold into the sell-off. Did anyone else have have an opinion about this? I am not an option expert. Can you close a position in puts by buying calls and if so wouldn't the open interest in the puts decline?
China_Research China_Research
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Re: the July puts

You can only close an open put position by selling/buying the puts themselves.  Call contracts will not close out a put position.