That's really not a bad idea. It depends on the depth of that 5¢ bid. Sometimes (actually most times) when you try to hit the bid on very thinly traded issues it will disappear and you won't get filled. I'm showing 197 bidding 5¢, but the market is closed so...
Like all hedges, you limit upside profit. But you're cutting your downside risk by a third so the ratio on this particular setup is very favorable.
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