This was late October, just about. The 40 Puts with November expiration dates seemed runty in value, already shrunk by time-decay. Not a lot for the selling end or horse parlor end of a spread. Happily, the December and January 40s both still bulged with bankrolls. I phoned the lower Manhattan office of York Securities, my discount broker.
Discounted commissions mean much with spreads, a buy and a sell going in, likewise going out.
This is a spread, a buy order and a sell order going in together, each dependent on the other. I want to buy 10 contracts, January 40 Puts to open, and I want to sell 10 contracts, December 40 Puts to open. With a one-point debit. The debit meant the price I was obligated to pay out of my personal investment capital. Long means owning something, short means owing or being obligated.