I tried to pick up 250 Nov $20 PUT contracts on Friday.... paid 10 cents. Later found out -
only 11 of those 250 actually went thru. Ouch. Wow. Still will be fun to watch and see whether this idea would have been super profitable. I predict yes - 100% profit after commissions, within a week or 2.
You'll be happy that the order didn't get filled. Now what you do is buy some Dec./Jan. 25.00 puts. This way you wont get killed by the time decay. Second the further your puts are in the money the better they pay! Third it gives you some more time for some analyst to come out and downgrade the stock. Good Luck!