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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Now the investor is selling to close the Feb 31 calls and buying to close the Mar 34 and 35 strike calls, expressing the view that the upside for shares is limited from current levels in the short-term.
On the other hand, 3.6K Feb 10 - May 8 put spreads trade for 55c and appears to roll long puts to May from Feb, down two strikes (the same spread traded 1.1K on 10/5 and was also selling to close Feb, while buying to open May).
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.