Hello, Say that you purchase long term ITM options as a leg in a strategy. I.e., today you would buy SPX DEC2010 900.00 strike Call (cost 138.75) Wishful thinking, SPX climbs to 1,100 by December next year, and you held your ITM call this whole time. At 1,100 on the SPX, 900 strike Calls will not see ANY volume I assume. Therefore, my question is, to close a Far ITM position do you have to exercise the option, considering there is no volume at that level? Or will a market maker buy it if you lower the ask to mark/below mark? Just another example, last year on 6/12/2008: SPX JUN 2009 1350.00 PUT was at mark 116.10. Now, being the front month, and because the SPX has dropped precipitously since then, it is currently marked at 405.20. There is 7,747 Open Interest, and expiration is next Friday, what do those put buyers(sellers?) plan to do?