The answer is yes if the option still has time remaining until expiration and if there is still active trading in that particular option. Whether the sale results in a profit or a loss will depend - as with any option - on whether you sell it for more or for less than you paid for it.

A favorable change in the price outlook or an increase in market volatility can make an option suddenly more attractive to other investors. If this results in an increase in its premium value, you may be able to sell the option at a profit even though it isn't yet worthwhile to exercise.

In other situations, if prices so far haven't moved the way you thought they would, and if you no longer want to own the option, selling it prior to expiration can provide a way to recover some part of your initial investment Such a decision should not be made hastily, however. The fact that you have until expiration for your original price expectations to be realized can give you greater "staying power" than other investors may enjoy.

It is this "staying power' - the ability to weather what may prove to be only a temporary price setback - that is one of the principal advantages of investing in options. No matter how large the adverse price movement in the option you own, your maximum loss is still limited to the cost of the option.