From http://en.wikipedia.org/wiki/Expiration_(options) and other sources, it says that options expire "on the Saturday that follows the third Friday of the month". Other sources ( http://www.investopedia.com/terms/e/expiration-time.asp#axzz2HxvkJJQd ) state that "A public holder of an option usually must declare their notice to exercise by 5:00 p.m. on the Friday". I have a couple of questions regarding this: 1) Is the requirement to declare exercise by 5PM on Friday accurate, or can this time be stretched to as late as Saturday? If the latter, what would be the latest time on Saturday when this can be declared? 2) If an option pinned slightly OTM, can someone declare intent to exercise (hoping that the underlying moves ITM by Monday)? Or, for that matter, can a long option holder declare intent to exercise no matter how far OTM the underlying is?