Hi, new to Options Trading here, I was experimenting and learning things (and have my risks setup to mirror accordingly with learning “In the field”). Apologies if some of these are silly/repetitive to things that have already been discussed a lot of times
If I enter a Long Call position today, Monday 25th Jan that expires on Thursday 28th Jan
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As tomorrow is a market holiday, and the last two days of expiry cannot be used for entering long positions, does that mean I cannot exit my position (as someone else would have to buy my position that I’m selling)
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I suppose I can correctly assume that the options expiring worthless would require no action from me, but should the OTM Call option become ITM or slightly ITM over the next 2 days, would I be forced to exercise it or is there a way to close it for the intrinsic value (the doubt here is because I read that new long positions cannot be entered. Is that not the same as saying shorts cannot be entered by someone who might want to buy my current contract.
A better way to summarize the above is, if there are 2 trading days left until expiry, is taking delivery my only option if the contract expires ITM? (Currently it is OTM and I’m okay to deal with the premium paid for this option contract as I’m trying to educate myself)