Why would you excercise an option rather than closing it by an offsetting order? It seems like all I hear is about making money when you excercise an option. Like if you buy a january 45 call selling for 1.00 while the underlying is at 38.The next day the underlying rises to 40 and the option rises to 1.50. While you would have to wait til the underlying rises to $46 to break even if you were to excercise it, you could close the position now and make 50%. It seems to me that it would rarely make sense to excercise an option. Im not new to options, but not an expert either, so is there something Im missing here?