I'd like to revisit this topic. I remember reading here about an option owner being forced to exercise his long options. On expiration day, he tried to sell but there were no bids. Then the options went into the money after the closing bell. Original thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=51251 After rummaging through Google, I discovered that you can opt out of exercising your long options by notifying the broker. Is this true? I've been thinking about playing expiration Friday, but I would like to know if I can actually opt out of exercising. If I can't, then this means I would not be able to leverage very much since I have to reserve cash for the exercise amount. What happened to the right to exercise, but NOT the obligation to exercise that I keep reading about?