A lot of stocks will end up close to their pinned price if they are slightly off it going into Friday. Those are the worst options to be holding on the option expiry day unless there is a huge catalyst to move the stock ( eg blowout earnings ). Even then the market might delay the stock move until Monday. Really its a different game on the last day you take whatever market you can get. Many stocks are subject to manipulation with option sellers from institutions trying to reduce their exposure to large losses and make as many options worthless as possible. One exception might be counter trending the stock moves during the week on Friday, anticipating the pin ahead of time. For example, if ABX went from $45 to $48.65 during the week, you might buy a $49 put and try to make the $0.65. The key would be to not get greedy, put an offer out there to exit at a target price and take it ( even if its 6 minutes after the open ). 95% of the time hokling options on the last day is a losing proposition for smaller investors. If you can't afford to exercise you can be ripped off very easily.
it's really not that interesting, very short book that cherry picked a few stocks and talks about their behavior around expiration (ie: ping to a strike vs away from a strike etc..) by looking at the historical. And a few trade examples on how you can make 200% return! Glad i didnt buy the book, just read it via safari online.
newguy, thanks for the info, a Y! group was started to follow some augen stuff but it died after a while...i have one of his ealier books.