Covered puts work essentially the same way as covered calls, except that the underlying equity position is a short instead of a long stock position, and the option sold is a put rather than a call.

A covered put investor typically has a neutral to slightly bearish sentiment. Selling covered puts against a short equity position creates an obligation to buy the stock back at the strike price of the put option.

Just like with covered calls, the best time to sell covered puts can be either at the same time a short equity position is established (called a sell/write), or once the short equity position has already begun to move in your favor.

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