We already sold a June 28 strike put “naked”. After buying the 30 strike put detailed below, we will then own a June 30/28 bear put spread. So, we have essentially converted our bullish short put into a bearish put spread.However, we are unlikely to maintain this all the way into expiration. Instead, if the stock declines further, we will be able to either a) take profits on this long put and get back to the short put position or b) sell another 28 strike put converting us into a 1×2 put spread. We think buying the put shown below increases our probability of making money/improving our position.
Buy to open: INTC June 21st (monthly) 30.00 strike put
Debit: 1.25
Max risk = 1.25 or $125.00 per contract