Hedging using futures and options

I have 1000 qty option writing for 24Apr 780PE at 23.3. at the same time short 24Apr futures at 767 both for Siemens. Currently if siemens does not go beyond 780, I will gain. My doubt is if siemens expires in the money say at 760 spot. 780PE will become 20 and also futures would make 7 bucks. want to confirm if the options will be exercised at 760 only or at a different spot price that what futures expires. The reason I am asking is that I will not have sufficient funds to exercise the 1000 qty stock of siemens which would be roughly 7.6 lakhs.

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Assuming the scenario pans out as per your estimate..

Your loss on options is -3.3/-

Your gain on Future is 7/-

Net payoff is +3.7/-...based on which broker you are dealing with, you will either make money, lose or break even on this trade. 

Anyway, derivatives instruments follows the spot market. All expiry is pegged to the Spot. So if Siemens closes at 760 on spot, then both Options and Futures will expire at the same level.

However, as and when the option is going against you, margins on written options will be higher.

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