Options question

This question is for options traders:

Suppose you buy a put on a stock that is currently trading at $60 and you want to sell it when the stock is at $58. Is there any way to figure out where to set the stop limit for the option price?

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Comment by BullBearGirl on November 23, 2009 at 8:31pm: Thanks Steven! Much easier than I thought it would be. I always get options that have enough open positions so I won't have to pay a wide spread. I hope you had a good time at the Expo.

Comment by Steven Vincent on November 23, 2009 at 6:01pm: Your broker should allow you to set what is know as a "conditional order". You would set your option to sell at the market price when your stock hits $58.00. The danger is if there is a very wide spread on the option you will give up the spread since it will be sold at the bid. But if you want to get out for sure at that price without having to be present then that's the way to do it.