Not very much risk for this kind of reward
With the stock at $9.60, the BAC Jan. 5-strike puts are currently quoted at $21 bid, $22 asked. If executed at the bid at my brokerage using cash as collateral, each naked put would fetch $20.40 with margin maintenance requirements being $72. The nominal return is 28.3% for 43.2 weeks which is at the pace of 34.2% per year.
Do you know of a better investment with this kind of reward/risk ratio? Money is virtually being given away here. Are you getting your share?