Option 101 - Exercise and assignment

期权基础 - 行权与被行权

Option holders have the right to exercise their power at any time before the expiry date of the option

  • If you hold a call option of X stock that expires at $10 in December, you can buy 100 shares of X stock for $10 at any time before December

When the option holder decides to exercise, the option seller will be assigned to buy/sell the stock, and the seller cannot buy the option from the market to avoid being assigned at that time

  • For example, if you sell a call option of X stock that expires at $10 in December, the buyer decides to exercise, and the seller needs to sell 100 shares of X stock to the buyer at a price of $10

In-the-money options at expiration usually lead to automatic exercise.


- 如持有一张X股票12月到期10美元的看涨期权,可在12月前任意时间用10美元买入100股X股票


- 如卖出一张X股票12月到期10美元的看涨期权,买方决定行权,卖方需要以10美元价格卖出100股X股票给买方

期权到期时为实值通常会导致自动行权(automatic exercise)

[[en]]Disclaimer: This material is for educational use only and should not be considered financial advice. For more details, please refer to our Terms of Service, and the full Disclaimer on bottom of webpage.