Joules,
If you close your longs on the last trading day without closing your
short contracts, you will have uncovered short options in your account.
If that's what you want and your broker is okay with it, then fine. If
not, then you need to hold those long contracts until Monday by which
time the short contracts will have expired and will have either been
assigned or not.
Personally, I would be out of the trade before expiration with a
realized profit. To me, holding out for a few extra dollars just isn't
worth the risks associated with short gamma positions during expiration
week.
Christopher Smith
TheOptionClub.com
--- In OptionClub@yahoogroups.com, "jouless360" <jouless360@...> wrote:
>
>
>
> Chris:
>
> So ...I close the longs at 3:55 pm on expiration day?
>
> Joules
>
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