I don't know if he's trollin or still doesn't get it. Seems as if he's trying too hard to not acknowledge the obvious mistake+solution we just gave him which is sketching me out.
I took a quick glance at the 5Y QQQ chart. Dude, GTFO as soon as you can. You are in profit, so why risk it any longer with a month to go?
Are these options governed by the OIC? If they are, OIC stipulates that unless elected not to exercise, all options ITM by $0.01 are auto-exercised. No need to do anything on your part. So check with the OIC and your broker to be sure.
Tell you what. Since you're not sure how much the options are worth, I'll help you out. I'm willing to buy them from you tomorrow at their intrinsic value. I'll give you the full amount that the options are ITM. For example, if QQQ is 292 tomorrow, I'll give you $8 per option. If it's 301 tomorrow, you'll only have to pay me $1 per contract to take them. I'm willing to take a loss on the extrinsic part to help a beginner out.
Because the seller of the Put option has agreed to buy shares at the strike price - so strike price and date both hit and the put seller is forced to purchase my shares; however, I do not have shares - I only have puts, so my broker will make the expired puts vanish and then borrow someone else's shares for me and give them to the seller of the Put - as they are obligated to buy. Just trying to logic this out, does that sound correct to you? But in this scenario what about the money - if the put was deep in the money, how is that accounted for by the broker? Wouldn't the NEW short position of shares I borrowed from a DIFFERENT person just have an entry at the CURRENT price at that moment? So if that is the case where is my put money?! Thanks for helping us understand the process.
Robert, much thanks. Oh, I understand them generally, well enough for them to serve as my hedge. Its those nuances I was not sure about, which you helped answer. So I can just sit tight and end up with a QQQ short, that is perfect. Thanks!!!
LOL, what "solution"? They are doing what I expected them to do. They may expire worthless, but that is what it is, why the "solution" LOL?
Sure, let me get on that ET180 and give away my entire option value, of whatever you option pro's like to call it.