I would advise you to consider a "put spread", which profits off a specific range. Let's say you think GME ($209.51) will fall in price, but not go bankrupt.
Let's say you buy a $200 strike put expiring Jan 2023. You pay $71 for the profits under $200/sh. That means you have a loss until GME drops below $130/share, which hasn't happened since Mar 24 (and that was just one day).
If GME drops to $150, you have a 30% loss
If GME drops to $100, you have a 42% gain
If GME drops to $50, you have a 111% gain
Another approach is to buy the above $200 strike put, but then sell a $100 strike put on the market. The Jan 2023 put with $100 strike was sold for $15 last Friday, so the cost of this "put spread" ($200 -> $100) is $71 - $15 = $56. You spend less to invest, but you give up any drops below $100/sh. So now:
If GME drops to $150, you have a 11% loss
If GME drops to $100, you have a 79% gain
If GME drops to $50, you still have just a 79% gain
Note with a put spread, once GME hits $100/sh, you close it. There's no profit below $100/sh, because any gains on your $200 strike put because you sold a $100 strike put to someone else, who collects money on any drops below $100. So a put spread gives you a specific target at which to close the position, making the timing easier.
