Hello all, first post on ET, so greetings! I'm just starting to look into options, and I was just wondering for example, I purchased a Put on ES expiring in Jan 09, for 1000 in my sim account, now it's currently in the money based on today's closing price of 810, since premium was 15, making my break even at 985 (please correct if I'm wrong in this). Now I spoke to IB few days ago and was told that only long equity options can be exercised by yourself, using the Option Exercise Window, anything else you need to submit a ticket. How does this work in terms of the actual transaction? Eg. in the above call, say I submit a ticket to IB, do I get an open position at 1000 the next time i log into TWS, hence I can close this position with a long, or alternatively, can I go long in the market before IB completes my position, then the two cancels out once the put is exercised? How does one eliminate the risk of price movement between you submit the ticket to IB to it actually appear in your account? I think that's all for now. Appreciate any assistance. Thanks and regards.