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I can't fathom the option premiums for the put options offered below : can someone please ELI5? Don't strike prices vary directly with option premiums? Liquidity doesn't appear the hitch that would explain it.

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  • $\begingroup$ The volatility is also a factor in pricing the option. Conceivably the volatility could make option prices overlap for different strikes. $\endgroup$ – Math Mar 18 '20 at 21:23
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The quotes are monotonically increasing, with the exception of the bid on the lowest strike. So the premiums, reflected in the quotes, are increasing as expected with the increasing strikes.

My takeaway is that the last price hasn't changed simply because there hasn't been any recent trading at those lower strikes.

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The open interest on these options is pretty low, the last price you’re comparing for these options could be days old, if you look at the bid prices you’ll find people aren’t ready to pay more for lower strikes.

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Liquidity IS the issue here.

And there's a very simple experiment to test this. Find a mate/colleague. And get quotes from brokers, on the same account, for any mispriced pair. See if you can actually execute thus.

If you can, you have nothing to lose. When the brokers execute, there is no risk from your positions from the exchange's point of view.

If you can't, then this tells you that the on-screen price is not the same as the clearing price. Which is prima facie evidence of a liquidity problem, that is just not reflected in on-screen "indications" ;-)

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