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.

期权持有者有权利在期权到期日之前的任何时间行使权力

- 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

当期权持有者决定形式权利,期权卖方必须交割股票,卖方此时以无法通过将期权从市场上买回来来避免被指派

- 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)

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