I don't get it...i admit that despite my 4 years experience in stock trading, i have little to no experience in options - but to the best of my knowledge - you can exit any option position at any time, as long as you're trading American options and as it seems - all cboe options + most forex otc options are american. Or...at least the big majority. So, this begs the question: Why many option strategies are explained in terms of profit AFTER expiry, for example...consider this strategy: 1. You sell 1 option at the money, price - $2 - April 2011, call. Strike: $30. 2. You buy 1 option out the money, price $1, april 2011, call, strike: $35. 3. If at expiry the price is $33 - then you will lose money, since you will have: +2-1-3. Yes, but then arises the question: What kind of idiot will wait until expiry - since the short option will have declined severly in value and the seller can get out buying back the option months before expiry? In a similar fashion - why would the buyer wait for her/his bought call to expire worthless since buying option out the money will be much more sensitive to upward price movements - even if this movement does not exceed the strike of the bought option (in the case above: $33 is less than the strike of $35 - but the option price might be much more expensive even in this case?). I guess the strategy given for example above is not so good example - but consider selling straddles - even then you can sell 2 years in front of you and get 2 times the volatility of the underlying (since you sell in both directions...) - you need to buy some put/call in the near term and exit all positions much earlier. Why not? What am i missing? The option gurus here probably can shed some light... Plus, in the straddle example above by the way - this is a delta neutral position, right? You don't have to worry so much for getting a margin call in such case? 10x!