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If I sold at 3$ and today is expiration and the ask is 0.10, If I wait till the market gets to 0.00/expiration, do I still get the premium or do I have to close it now at 0.10 while there still is a market?
What are you waiting for....you only have .03% left to make and it's pure gamma risk right now. And with a few hours left in the day you can take it off and re-establish the capital somewhere else to collect over the weekend. Surely you can find something that will yield more than .03% return for the next 3 days.
Unless it would cost you more to take it off than the .10 you get by letting it expire and you don't need the buying power I'm taking my profits and running like a thief in the night and moving on to something with more meat on the bone before the market closes.
For me I would have taken profits as soon as I could have bought it back for 1$ and taken a new position with more premium left and less gamma risk...but that's just they way I see capital use.
Because unless it's cheaper to let them expire worthless then I look to put the buying power to use now rather than wait until Monday....but I would have done that some time ago if it was profitable and my Gamma risk was spiking.
.10 isn't worth me waiting for. Buying it back now frees up the capital so I can put something else on today before the market closes. Like I said .....unless buying power is not an issue.