Hi all, I bought a LEAP Put for space X - 15 Jan 2027 strike price $100. I know it's a casino so it was more just a test than anything else.
I bought it for 7.44 when the stock price was about 195. It's 185 today but the option itself is 6.80. I know there's a long long way to go but is this because I bought it at high IV, so even if the stock price is lower now, the lower IV now means the option price is lower too?
Just wondering if I should hold or if the purchase price was so high to begin with that it's a sunk cost. Thanks in advance for any wisdom