Question: Why is the PO price more than the delta between the PO and the stock?

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Hi all, new to options and I’m not finding (or not understanding) a discrepancy I’m seeing.

I bought 4/11 $514 SPY Puts today for $1.86. I bought them when the stock was at $514.68.

By closing, the last updated price was 513.42. However, my option price closed at 2.31.

If the price difference between the Strike price ($514) and this price ($513.42) is only $0.58, why is the PO worth $2.31?

Any help is appreciated!

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chunk_munky

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Posted: 8 months ago
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