That's true for anyone with the cash to margin the position. However, the OP indicated that he didn't have the 33 grand to margin the position... perhaps not realizing that margin is 50%. So for him, it may or may not be a margin issue and a possible margin violation. I don't like surprises and this could be one of them.
If approval is required it can be requested and approved via a checkbox in TWS configuration. As a recent account opener, I am certain I made no other specific request for such approval.
What a RELIEF! Just checked my account in IB and I have NOT been assigned!! Thanks all for your kind advice and will not make this stupid error in the future. Cheers!
Congrats on learning an inexpensive lesson. Well actually, cost free! If you are in this position in the future (having a naked position that you want to close), early on expiration day, place an order to close with a ridiculously low offer (asuming that the underlying isn't moving against you). Sometimes you get lucky and it hits during the day's gyrations. As the afternoon progresses, raise your offer to something less ridiculous. In the last hour, get real and start splitting the B/A. In the last 5 minutes, prepare to execute at the ask.
Congrats from me also. I find it hard to believe a call 17 cents ITM was not exercised by everyone. It's a good thing this happened to you. Valuable less at no cost. Mark
Shazam, One other thing... Watch GOOG in the morning to see what life could have been on the other side of your expiration FWIW, if it's not something that I trade regularly, when the trade is closed I delete the symbol and don't look back. There's nothing to be gained from woulda, coulda, shoulda. Focus should be on existing positions as well as finding the next trade.
Hi Actually i usually don't look at what would have happen - lucky i got away from this trade - so to me there is no point to look to see what would have happen - I just think it will open higher tomorrow and I was willing to bear the loss. Cheers!
Maybe not ............I would check your account first thing on Monday to be sure you have not been assigned. --
Yeah and go a step further and call CS/option desk to confirm the other side abandoned them, it's very unusual. Although it's not the norm I've had assignments pop up as late as 10:30am the following Monday (usually on commodities).