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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As shares slipped to $32 in June these calls eroded to near zero with a few sold to close for 8c, leaving the trader long 1K, which appeared to be heading into their final week near-worthless.
Separately, Aug 50 calls apparently sold to close, with 5K on the tape, and 2.5K ATM Jul 50s traded as well.
28.7K traded on the day and, while players are buying to open at that strike, Feb 18 calls are apparently being sold to close. Nearly 30K Feb 18 calls have changed hands at VWAP of 21.5c and trade history shows notable opening buying for $1.20 on 1/5/18.