Bottom-line
“SELL TO CLOSE the CMG 13 Jun 2025 $54 PUT at 1.58 or better” means you already own that Chipotle (CMG) put option and you want to exit the position by placing a limit-sell order for $1.58 per contract ( $158 credit ) or higher. In other words, you’re asking the market to pay you at least $1.58; if someone is willing to pay more, that’s “better.”
1. Decoding the sentence
| Piece |
What it means |
Practical takeaway |
| SELL TO CLOSE |
You are the seller, but only to close an existing long position—this is not opening a new short. |
You must already hold the contract. |
| CMG |
Underlying stock is Chipotle Mexican Grill. |
Make sure you’re on the CMG options chain. |
| 13 Jun 2025 |
The contract’s expiration date. |
Verify the correct expiry row in the chain. |
| $54 PUT |
Strike price and option type. |
Look for “54 P Jun 13 ’25.” |
| at 1.58 or better |
A limit price. For a seller, “better” = higher premium. |
Enter $1.58 as the limit; fills occur at ≥ 1.58. |
2. How to execute it in the Robinhood mobile app
- Open the app and tap the Magnifying glass (Search).
- Type CMG and select Chipotle Mexican Grill.
- Tap Trade → Trade Options.
- On the top bar, swipe to June 13 2025.
- Scroll the strikes until you see 54 Put (it should show “In Position” in gold text).
- Tap that row; your open contract(s) will appear.
- Tap Sell (because you’re closing).
- Order type: choose Limit Order.
- Contracts: enter the number you hold (usually 1 unless you purchased more).
- Limit Price: type 1.58.
- Time-in-Force: Day (or GTC if you want it to remain active).
- Review the estimated credit (e.g., $158 per contract), slide Submit.
- You’ll see “Pending” until the market buys from you at $1.58 or higher; you can cancel/modify at any time before it fills.
3. Tips & “gotchas”
• If the bid-ask is, say, 1.40 × 1.65, a 1.58 limit sits inside the spread and has a fair chance to fill.
• Robinhood shows option prices per share but settles × 100; don’t be surprised when $1.58 displays as $158.
• Verify you are using “Sell to Close,” not “Sell to Open,” to avoid unintentionally shorting the option.
• “Better” only goes one way for sellers: if you can get 1.65, your order will fill at that higher price.
• Market liquidity after Chipotle’s 50-for-1 split means strikes look numerically low—that’s normal.
Quick check
If your Robinhood position list already shows “CMG 6/13/25 $54 Put 1 Contract – Avg Cost $X,” then you’re ready. If nothing appears, you don’t own it and can’t sell to close.
Hope that clarifies the jargon and the exact taps needed—good luck closing the trade!
6/5/2025 02:15pm
