请教一个问题，关于option

xiaochong

比如说
我卖了本周到期的 1个 spy 129的call，如果明天收盘spy的价格是129.10，而盘后价格则一直低于129，比如说128.8，像这种情况，broker会assign 100 share的spy @ 129吗？

换一种问法，一般交易商会assign所有的未平仓的in the money option, 但是以什么价格为准？象我举的那个例子，如果以收盘价为准，the 129 call is in the money call, 如果以盘后价格为准，则129 call is out money call

多谢多谢！

4qw

randomness. an example is 201112C sQQQ@21, the closing price is 21.03, after hour price is < 21. Thought all hands got assigned (didn't check the account). a few days later, when I tried to sell them, only to find partly assigned.

xiaochong

IB 是这么解释的，但是关于这个 in the money 的解释以什么价格为准没有说清楚

In the case of exchange listed U.S. securities options, the clearinghouse (OCC) will automatically exercise all cash and physically settled options which are in-the-money by at least $0.01 at expiration (e.g., a call option having a strike price of $25.00 will be automatically exercised if the stock price is $25.01 or more and a put option having a strike price of $25.00 will be automatically exercised if the stock price is $24.99 or less).

silicon_beaver

xiaochong 发表于 2012-1-5 18:22
比如说
我卖了本周到期的 1个 spy 129的call，如果明天收盘spy的价格是129.10，而盘后价格则一直低于129， ...

Run into the situation many times ITM.

It will be "automatically" executed "unless the buyer calls her/his broker in 30-min after market close (end of day) not assign.

"unless the buyer calls her/his broker in 30-min after market close (end of day).

Pay attention to this case, it may hurt you, but unfortunately, no way to avoid it. Since as long as you are option writer. You are obligatory, you are passive.

Give you one of my examples, I was holding FAS, sold its 14 call, when it closed 14.xx (ITM). The buyer didn’t take it at EOD after called broker (I couldn’t see it until Monday). Monday FAS crashed to 12.xx. The real loser was me even with fees by my covered calls. The worse, Monday morning, I saw the FAS position in my account (not gone). I couldn’t sell it since assignment notice reached me after local 11:00am.

My broker told me, as long as you are writer, you are in waiting, you cannot control any more.

George25

xiaochong 发表于 2012-1-5 21:41
IB 是这么解释的，但是关于这个 in the money 的解释以什么价格为准没有说清楚

In the case of exchange ...

"In the case of exchange listed U.S. securities options, the clearinghouse (OCC) will automatically exercise all cash and physically settled options which are in-the-money by at least $0.01 at expiration (e.g., a call option having a strike price of $25.00 will be automatically exercised if the stock price is $25.01 or more and a put option having a strike price of $25.00 will be automatically exercised if the stock price is $24.99 or less)."

If I long XYZ call having strike price $25, and the stock XYZ close price 25.01, I will be automatically assigned with the stock XYX on the first trading day after expiration date, even though the stock could be dropped to less than $25 after expire date. Is this correct?

Elephant

小虫,这个不好说的,大致记得,2009年的时候,某周五,FAS收盘价9.96,也是IB,一朋友卖了大量10C,以为无事,周六发现被执行了,周一跳空16%开盘,整个帐户被平了,负的2000多.

IB只是一个平台,有人买了你的期权,其实,只要人家愿意,只要可以,任何时候都可以执行.

silicon_beaver

"只要人家愿意,任何时候都可以执行.

Yes.

xiaochong

谢谢大家回复，学到了不少

sfbayarea

xiaochong 发表于 2012-1-5 21:22
比如说
我卖了本周到期的 1个 spy 129的call，如果明天收盘spy的价格是129.10，而盘后价格则一直低于129， ...

这个问题太给力了。

“automatically executed"  并非百分之百发生在你身上。BTW, Who would exercise a option which only "1 cent" in the money?
A lot of big boys set up a "exercise by exception" with OCC, which allow them to have a choice not to exercise an option that is in the money by the exercise threshold amount or more, or to exercise an option which has not reached the exercise threshold amount. The exercise threshold amounts vary from broker to broker. An "option exercise" is always involved with "exercise by exception". So the "automatic executed in 1 cent rule"  under these procedures is not, strictly speaking "automatic." For expirations, OCC process all exercise/assignments on Saturday. Once an exercise notice is tendered, OCC randomly selects member brokerage firms and transmit notice to them. Then the brokerage firm will process expiration exercises notice and assign the notice randomly or  on a "first-in, first out" basis to their customers on Sunday, but to settle the notice with customer on Monday, the key word here is "settle on Monday", that's why sometime the executed price is the Monday opening bell price, but not the Friday closing bell price.  Only about 20% of  ITM expired options end up being assigned, also a put option is most likely get exercise then a call option.  

In a situation like this you may not get "automatic executed". There are many other more situations you won't or will get "automatic executed". That's why in the "option" world that is an old saying, "when in doubt, close them out".

xiaochong

sfbayarea 发表于 2012-1-6 02:57
这个问题太给力了。

“automatically executed"  并非百分之百发生在你身上。BTW, Who would exercis ...

多谢老大的解释，老大啥时候再出山指导到我们青蛙哈
现在俺们是一桶糨糊，继续老大指点，好对付MM

google

sfbayarea 发表于 2012-1-6 03:57
这个问题太给力了。

“automatically executed"  并非百分之百发生在你身上。BTW, Who would exercis ...

三番哥厉害，有女朋友了吗？

sfbayarea

google 发表于 2012-1-7 00:46
三番哥厉害，有女朋友了吗？

yes....