Say a stock is at $10. I want to buy 20 Jan 11 puts with a strike of $7.50 for $0.18 I also want to but 20 Jan 11 calls with a strike of $11.00 for $0.08 If I exercise either of the contracts ITM I should just make the profits with no issues correct? I will not be physically given the shares to buy or sell on the market right? I am under the impression that if you excersise either one of these positions OTM, only then would I actually be granted 2,000 shares that I would then have to buy/sell on the market. My concern is because my account is only worth $10,000. So even if the price was to go down to $7.00 and I chose to excercise, if I am physically given 2,000 shares to buy back that is $14,000 worth the shares when I only have $10,000. Can someone clarify to me if this is an issue that is specific from broker to broker or if there is a global "rule" that options brokers follow in this situation.