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IB Exercise Options home link http://www.interactivebrokers.com/en/trading/exerciseCloseout.php?ib_entity=llc
Instruction link http://www.interactivebrokers.com/php/webhelp/webhelp.htm#Making_Trades/exercise.htm
Q: Can I exercise my right to buy the stock at any time up to the expiration date?
A: As the holder of an equity call option, you can exercise your right to buy the stock throughout the life of the option up to the exercise cut-off time on the last trading day before expiration. Options exchanges have a cut-off time of 4:30 pm, Central Time, for receiving an exercise notice. However, most brokerage firms have an earlier cut-off time that should be determined in advance since it may affect when you receive delivery of the stock.
Exercise Options - Manual File
The Option Exercise window now includes a Load from File button that lets you import a file with instructions to exercise or lapse specific options. You can create the file using any word processing program, and the file must include a comma-delimited list of values, one line for each option. You can use one of two different formats. Table 1 illustrates using the underlying, Table 2 shows fields for symbol mode.
For each option you want to include in the file, create one line of text and observe the following rules:
Include one value for each field described in the table(s) below.
Separate field values by commas.
List field values in the order in which they appear in the table(s) below.
The Option Exercise window now includes a Load from File button that lets you import a file with instructions to exercise or lapse specific options. You can create the file using any word processing program, and the file must include a comma-delimited list of values, one line for each option. You can use one of two different formats. Table 1 illustrates using the underlying, Table 2 shows fields for symbol mode.
Underlying symbol mode instruction
exercise, U44982, IBM, 50, C, 200501, 100, AMEX, 3, no
x x x strike x exp multip spefic quantity yes
* Specifies whether your settings will override the system's natural action. For example, if you have the action set to exercise an option and that contract is not in-the-money, TWS by default would send you a message that the contract was not in-the-money and would not exercise option. However, if you have the override set to "yes," this instruction will override the system and the option will exercise |
Let an Option Lapse 让拥有的期权过期才会避免 buy or sell / short share when automatically be exercised occured
Use the Option Exercise window to lapse options which would otherwise automatically be exercised on Expiration Friday according to OCC rules.
Stock options that are less the $.25 in the money, and index options that are less than $.01 in the money, will automatically be allowed to lapse. If you want to exercise an option that falls into one of these categories, you must send "contrary intentions" to the OCC via the Option Exercise window.
NOTE: You can only instruct the OCC to let options lapse on Expiration Friday.
From the View menu, select Option Exercise.
In the Option Exercise window, highlight the option you want to lapse in the Current Long Option Positions portion of the window.
Click Lapse.
Review/modify the number of contracts you want to lapse and click OK.
NOTE: You cannot enter a value greater than the quantity in the Current Long Option Positions box.
Review your selection, and click "Yes" at the message that asks if you're sure you want to let the selected option lapse.
The lapsed option appears in the Outstanding Lapses portion of the window until it is cleared by the OCC.
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Option Exercise Window
Use the Option Exercise window to deliver "contrary intentions" to the OCC (or manually instruct them to exercise an option or let it lapse). If you don't use the Option Exercise feature, options are automatically processed as follows:
exercise option means to buy shares on call own and to sell shares on put own
If you short or write put, you would be assigned to buy shares anytime
If you short or write call, you would be assigned to sell shares anytime
In or out of money depend on current price of underlying security below or over the strike price
All exercise options take strke price to execute buy or sell
If you own put and omit expire automatically exercised by the OCC, it could turn out to sell the underlying stock or short
If out of money, there is no exercised automatically by the OCC
Any stock options expiring in the current month that are more than $.25 in the money are automatically exercised by the OCC without the need for any explicit instructions.
Any index options expiring in the current month that are more than $.01 in the money are automatically exercised by the OCC without the need for any explicit instructions.
The OCC must receive contrary intentions through the Option Exercise window for:
stock options that are in the money by $.25 OR LESS and need to be exercised
stock options that are out of the money but need to be exercised
stock options that are in the money by more than $.25 but DON'T need to be exercised or want to lapse 无效
index options that are out of the money but need to be exercised
index options that are in the money by more than $.01 but DON'T need to be exercised or want to lapse 无效
exercise to make sure they dont touch or sell your contracts
pior to OE.
It is dangerous if you have ATM option appoaching OE, risk
exercise automatically. It results margin call if you dont
have much fund to cover or you dont act quickly enough.
Lapse avoid exercise no matter ATM or OTM
Go view ==> option exercise then pop window is it