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A few observations -

A limit order can certainly work, as you've seen.

I've put in such an order far beyond the true value, and gotten back a realistic bid/ask within 10 minutes or so. That at least gave me an idea where to set my limit.

When this doesn't work, an exercise is always another way to go. You'll get the full intrinsic value, but no time value, by definition.

Per your request in comment -

You own a put, strike price $100. The stock (or ETF) is trading at $50. You buy the stock and tell the broker to exercise the put, i.e. deliver the stock to the buyer of the put.

A few observations -

A limit order can certainly work, as you've seen.

I've put in such an order far beyond the true value, and gotten back a realistic bid/ask within 10 minutes or so. That at least gave me an idea where to set my limit.

When this doesn't work, an exercise is always another way to go. You'll get the full intrinsic value, but no time value, by definition.

A few observations -

A limit order can certainly work, as you've seen.

I've put in such an order far beyond the true value, and gotten back a realistic bid/ask within 10 minutes or so. That at least gave me an idea where to set my limit.

When this doesn't work, an exercise is always another way to go. You'll get the full intrinsic value, but no time value, by definition.

Per your request in comment -

You own a put, strike price $100. The stock (or ETF) is trading at $50. You buy the stock and tell the broker to exercise the put, i.e. deliver the stock to the buyer of the put.

Source Link

A few observations -

A limit order can certainly work, as you've seen.

I've put in such an order far beyond the true value, and gotten back a realistic bid/ask within 10 minutes or so. That at least gave me an idea where to set my limit.

When this doesn't work, an exercise is always another way to go. You'll get the full intrinsic value, but no time value, by definition.