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A long put strategy gives the holder the right, but
not the obligation to sell futures at a specific price
for a specific period of time.
profits if prices decline. Profits are unlimited on the
downside; total risk is limited to the premium paid.
Increasing volatility favors this position, while the
passage of time works against this trade. Hedgers can
buy puts for unlimited downside protection, yet still
participate in a rising market. This strategy is also
known as a "floor."