[dchz]

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can someone explain, in layman terms, how you would set something like this up? I'm new to trading and all i know how to do is buy/sell/short stock

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this is something different, you are buying put and call options that gives you the right to sell/buy the stock at strike price however, this usually expires with a certain period, so if the stock goes up 1 day after OP bought it, but the options expired, then OP is SOL

i think that basically explains it