can i sell my option to stop further loss?

Question

for example i bought a call option strike price $20 @ $3 expire in october. so i paid 3 * 100 (1 contract) = 300
currently the stock price is 15 which is out of the money. and the same call option that i bought before now only worth $1 which is the time value. so i'm just wonder if i can sell it back to the market for $1 which i can get back $100 to stop further loss of $300 thanks for ur help

Answer 1

yes, absolutely