Can someone please explain the pro's and cons of allowing a short call to expire ITM. If, say, you have sold the Feb 100 calls as part of a wider strategy, and expiry looks like it's going to be at 105, what action do you take? Do you buy back before expiry to retain some degree of control? Do you let the option expiry ITM and let the broker handle the assignment? What are the pros and cons? Clearly if prices look like they are going to rise through the day it would be best to buy back. Likewise if prices are falling, hang on. But what else should I consider? Any comments (esp before tonight's expiry!) gratefully received.