For example, lets assume I own a naked put on DO, and it is now a little below the strike price of the put, but the premium I got paid for writing the put is still worth more, however, I would not mind owning the stock. Do I need to do: 1) Tell them I would like the stock put to me, so that if its still below strike price at expiration, I receive the stock? 2) Tell them I would like the stock put to me right now? For example, I receive the stock, but don't get to keep all of the premium since some time value remains, or would I just need to close out the option and buy the stock if its before expiration and I am afraid the stock will go up in value above the strike price by expiration? 3) Buy a call option to protect me from missing a good price on the stock, and then if the stock is now above the strike on the put, I can use the call to take ownership of the stock assuming I inform them that I want the stock and that its above the call price for example, I buy an in the money call?