U.S. Steel (X) will trigger Short today on a close below $23.78. If triggered, we will be buying the January $23 Put, currently trading at about $2.00. A move back down to test the May lows around $18.50 and these puts will more than double.
The trade can be entered before the Close if it is clear that the stock will be closing below $23.78. X is currently trading at $24.00, but has printed as low as $23.16 earlier today.