I bought these way back when. Unless the market turns up soon they might expire in the money. Do I need to formally exercise these to collect? Or if I don't will they just settle in cash? If I need to exercise them, what the heck do I do? Just call my broker and say go ahead and exercise them? Never done such a thing before LOL. Can I wait until the 17th or do I need to do it on the 16th or before? Thanks!
That is a very intriguing question. (Intriguing to me because I can't ever get my head around options, which are OPTIONS to do a thing, but not a requirement.) What happens to an in the money option that expires and you do nothing?
My account is saying worth $1639 each. But with my luck the market will rally and they will expire worthless. I did some "buy-wrights" back in the day, but that was selling calls, not buying puts. First time buying puts I think.
I think some just pay out in cash, others you literally lose completely. Hence my question, don't want to piss my money away any more than I've already done in the market LOL.
Ah, so if I don't want to exercise early I can just sit tight and let them expire and I'll still get paid the amount they were in the money in cash? Thanks!
I understand for many, this is a place to learn. I try my best to respond to questions where I can help. I find it concerning that you do not understand options enough yet, then you bought them first and then asked. This would have been better to understand first. You can sell your puts anytime up to and including when they expire. If they are ITM at expiration, you will be short the QQQ ETF after.
I can guarantee you one sure thing, even though I know nothing about options... They are going to change wildly in value by EOD tomorrow, after the Fed meeting minutes. Up or down I dunno', but expect it.