Sell to Close

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Sell to Close

Informal; to sell an option contract in order to close the position. That is, when one sells to close, one is liquidating the position and ending whatever option strategy one was using. This may occur because the investor has already extracted whatever profit is going to result, or because the position was not profitable in the first place.
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The investor is apparently selling to close the 274 puts today, while leaving the 200K (short) 273 puts open and buying new positions in 100K 271 and 100K 275 puts.
86 after Credit Suisse upgraded shares to Outperform and data from ISE indicate that the investor is selling to close Jan 5s while buying to open Jan 5.