Hi everybody, This is the first time I've ever traded futures options, so please forgive me if my questions sound silly. I am holding 5 YM options contracts (Sep 2007) which are slightly out of the money right now. I wonder what happens on the expiration day of the options (which is the same exp. day as the futures contract) in the following situations: 1) my options remain out-of-the-money. I want to let it expire and close my YM positions in order to avoid settlement. Is trading on the YM on the exp. date liquid enough for me to do that? 2) my options move in the money and will get exercised. Is there anything i need to do? what exactly will happen (is it the same as stock options exercise) ? Should I be worried about the settlements of my YM contracts? I am a bit nervous. Thank you for any feedback.