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The option expires and disappears on the expiration date. That's it. Very simple. By "sold a put" I think you mean "wrote a put" - which means someone else can sell their shares to you at a fixed price until the expiration date. If that price (the strike price) is above the market price, they will make money by doing so and the options ...


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If the put is about to expire "with no value for the other person holding a long position" then it expires for you as well. Worthless OTM options can usually be purchased for 5 or 10 cents very close to expiration. The incentive for the seller is to salvage some money. If you are rolling the short option out, you can often pay less than 5 cents ...


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