Exercising a Put

I've bought puts on BP and they are close to the break even point; so how exactly does exercising a put work?


Thanks

 

Call your broker.

 

5 stars, 2 thumbs up.

 

ROFL

 

Normally you sell the put, not exercise it.

As BP made a new 52 week low today I would hope you are making money on the put and not just at breakeven.