Option Trade: Protective Put: Sell to Close a 21 October 2016 put option with a strike price of C$76.00 on Royal Bank of Canada (TSX: RY, NYSE: RY) at or above the current mid price of C$2.73 per option for a profit of 31%. We opened this position on June 23 with the objective to provide downside protection in case of a housing market correction if and when it comes. However, the somewhat unexpected Brexit vote has now presented us with a high short term return. We will lock the profit in and reconsider the a further trade when markets stabilize.