Options Assignment: Navigating the Rights and Obligations

options assignment lottery

By Tyler Corvin

options assignment lottery

Ever been blindsided by an unexpected traffic ticket in the mail? 

You knew driving came with its set of potential consequences, yet you took to the road regardless. Suddenly, you’re left with a tangible obligation to pay. This unforeseen shift, where what was once a mere possibility becomes an immediate reality, captures the spirit of options assignment within the vast realm of options trading.

Diving into the details, option assignment serves as the bridge between the abstract realm of rights and the concrete world of duties in this field. It’s that unassuming piece in the machinery that can, without warning, change the entire game – often carrying notable financial repercussions. In a domain where every move has implications, truly grasping option assignment is foundational, ensuring not just survival but genuine success.

Join us in this comprehensive exploration of option assignment, arming traders of all experience levels with the knowledge to sail these intricate seas with assuredness and accuracy.

What you’ll learn

What is Options Assignment?

How options assignment works, identifying option assignment , examples of option assignment, managing and mitigating assignment risks, what option assignment means for individual traders.

  • Conclusion 

Dive into the realm of options trading and you’ll find a tapestry of processes and potential. “Options assignment” is one pivotal cog in this intricate machine. To a newcomer, this term might seem a tad daunting. But a step-by-step walk-through can demystify its core.

In its simplest form, options assignment means carrying out the rights specified in an option contract. Holding an option allows a trader the choice to buy or sell a particular asset, but there’s no compulsion. The moment they opt to use this right, that’s when options assignment kicks in.

Think of it this way: You’ve got a ticket (option) to a show (buy or sell an asset). You decide if and when to attend. When you make the move, that transition is the options assignment.

There are two main types of option assignments:

  • Call Option Assignment : Triggered when a call option holder exercises their right. The seller of the option then steps into the spotlight, bound to sell the asset at the agreed-upon price.
  • Put Option Assignment : Conversely, if a put option holder steps forward, the seller of the put takes the stage. Their role? To buy the asset at the specified rate.

To truly grasp options assignment, one must understand the dance between rights and obligations in options trading.

When a trader buys an option, they’re essentially reserving a right, a possible move. On the other hand, selling an option translates to accepting a duty if the option’s holder chooses to play their card.

Rights with Call Options: Buying a call option grants you a special privilege. You can procure the underlying asset at a set price before the option expires. If you choose to exercise this right, the one who sold you the call gets assigned. Their task? Handing over the asset at that set price.

Obligations with Put Options: Securing a put option empowers you to sell the underlying at a pre-decided rate. Should you exercise this, the put’s seller steps up, committed to buying the asset at the given rate.

Several factors steer the course of options assignment, including intrinsic value, looming expiration dates, and current market vibes. To stay ahead of these influences, many traders utilize option trade alerts for timely insights. And remember, while many options might find buyers, not all see execution. Hence, not every seller will get assigned. For traders, understanding this rhythm is vital, shaping many strategies in options trading. 

In the multifaceted world of options trading, discerning option assignment straddles the line between art and science. While no technique guarantees surefire results, several pointers and signals can wave a flag, hinting at an impending assignment.

In-the-Money Options : A robust sign of a looming assignment is the option’s stance relative to its strike price. “In-the-money” refers to an option’s moneyness , and plays a pivotal role in the behavior of option holders. Deeply in-the-money (ITM) options amplify the odds of assignment. An ITM call option, where the market price of the asset towers above the strike price, encourages the holder to exercise and swiftly offload the asset on the market. Conversely, an ITM put option, where the market price trails significantly behind the strike price, incentivizes the holder to scoop up the asset in the market and then exercise the option to vend it at the loftier strike price.

Expiration’s Shadow: The ticking clock of an expiring option raises the assignment stakes, especially if it remains ITM. Many traders make their move just before the eleventh hour to capitalize on their gains.

Dividend Dates in Focus: Call options inching toward expiry ahead of a dividend date, especially if they’re ITM, stand at an elevated assignment crosshair. Option aficionados might play their call options to pocket the dividend, which they’d bag if they possess the core shares.

Extrinsic Value’s Decline : A diminishing time or extrinsic value of an option elevates its exercise odds. When intrinsic value dominates an option’s worth, a holder might be inclined to cash in on this value.

Volume & Open Interest Dynamics : A sudden surge in trading or a dip in open interest can be telltale signs. Understanding volume’s role is crucial as such fluctuations might hint at traders either hopping in or out, suggesting possible exercises and assignments. 

Navigating the Post-Assignment Terrain

Grasping the ripple effects of option assignment is vital, highlighting the immediate responsibilities and potential paths for both the buyer and seller.

For the Option Seller:

  • Call Option Assignment : For a trader who’s sold a call option, assignment means they’re on the hook to hand over the underlying shares at the strike price. If they’re short on shares, a market purchase is in order—potentially at a loss if market prices overshoot the strike.
  • Put Option Assignment: Assignment on a peddled put option necessitates the trader to buy the shares at the strike price . If this price overshadows the market rate, losses loom.

For the Option Buyer:

  • Call Option Play : Exercising a call lets the buyer snap up shares at the strike price. They can either nestle with them or trade them off.
  • Put Option Play: Exercising a put gives the buyer the reins to sell their shares at the strike price. This play often pays off when the market rate is dwarfed by the strike, ensuring a tidy profit on the dispensed shares.

Post-assignment, all involved must be on their toes, knowing what triggers margin calls , especially if caught off-guard by the assignment. Tax implications may also hover, influenced by the trade’s nature and the tenure of the position.

Being savvy about these subtleties and gearing up for possible turns of events can drastically refine one’s journey through the options trading maze. 

Call Option Assignment Scenario

Imagine an investor purchases an Nvidia ( NVDA ) call option at a strike price of $435, hoping that the price of the stock will ascend after finding out that they may be forced to move out of some countries . The option is set to expire in a month. Soon after, not only did NVDA rebound from the news, but they reported very strong quarterly earnings, propelling the stock to $455.

Spotting the favorable trend, the investor opts to wield their right to purchase the stock at the agreed strike price of $435, despite its $455 market value. This initiates the option assignment.

The other investor, having sold the option, must now part with their NVDA shares at $435 apiece. If they’re short on stocks, they’d have to fetch them at the going rate of $455 and let them go at a deficit. The first investor, however, stands at a crossroads: retain the shares in hopes of further gains or swiftly trade them at $455, reaping a neat sum. 

Put Option Assignment Scenario

Let’s visualize an investor who speculates a dip in the share price of V.F. Corporation ( VFC ) after seeing news about an activist investor causing shares to jump almost 14% in a day . To hedge their bets, they secures a put option from another investor at a strike price of $18.50, set to lapse in a month.

Fast forward a week, let’s say VFC divulges lackluster quarterly figures, causing the stock to dive to $10. The first investor, seizing the moment, employs their put option, electing to sell their shares at the $18.50 strike price.

When the assignment bell tolls, the other investor finds himself bound to buy the shares from the first investor at the agreed $18.50, a rate that overshadows the current $10 market value. The first investor thus sidesteps the market slump, securing a favorable sale. The other investor, however, absorbs a loss, acquiring stocks at a premium to their market worth.

The realm of options trading is akin to navigating a dynamic river, demanding a sharp comprehension of the risks that lie beneath its surface. A predominant risk that traders often encounter is assignment risk. When one assumes the role of an option seller, they inherit the duty to honor the contract if the buyer opts to exercise. Grasping the gravity of this can make the difference, underscoring the necessity of adept risk management.

A savvy approach to temper assignment risk is by keeping a vigilant eye on the extrinsic value of options. Generally, options rich in extrinsic value tend to resist early assignment. This resistance emerges as the extrinsic value dwindles when the option dives deeper in-the-money, thereby tempting the holder to exercise.

Furthermore, economic currents, ranging from niche corporate updates to sweeping market tides, can be triggers for option assignments. Staying attuned to these economic ripples equips traders with the vision needed to either tweak or maintain their positions. For example, traders may opt to sidestep selling options that are deeply in-the-money, given their higher susceptibility to assignments due to their shrinking extrinsic value.

Incorporating spread tactics, like vertical spreads  or iron condors, furnishes an added shield. These strategies can dampen the risk of assignment since one part of the spread frequently balances the risk of its counterpart. Should the specter of a short option assignment hover, traders might contemplate ‘rolling out’ their stance. This move entails repurchasing the short option and subsequently selling another, possibly at a varied strike rate or a more distant expiry.

Yet, despite these protective layers, it remains pivotal for traders to brace for possible assignments. Maintaining ample liquidity, be it in capital or necessary shares, can avert unfavorable scenarios like hasty liquidations or stiff margin charges. Engaging regularly with brokers can also shed light, occasionally offering a heads-up on looming assignments.

In conclusion, the bedrock of risk management in options trading is rooted in perpetual learning. As traders hone their craft, their adeptness at forecasting and navigating assignment risks sharpens.

In the intricate world of options trading, option assignments aren’t just nuanced details; they’re pivotal moments with deep-seated implications for individual traders and the health of their portfolios. Beyond the immediate financial aftermath, assignments can reshape trading plans, risk dynamics, and the overarching path of an investor’s journey.

At its core, option assignments can transform a trader’s asset landscape. Consider a trader who’s short on a call option. If they’re assigned, they might be compelled to supply the underlying stock. This can result in a rapid stock outflow from their portfolio or, if they don’t possess the stock, birth a short stock stance. On the flip side, a trader short on a put option who faces assignment may find themselves buying the stock at the strike price, thereby dipping into their cash reserves.

These immediate shifts can generate broader portfolio ripples. An unexpected gain or shedding of stocks can jostle a trader’s asset distribution, veering it off their envisioned path. If, for instance, a trader had charted a particular stock-to-cash distribution or a meticulous diversification blueprint, an option assignment might throw a spanner in the works.

Additionally, assignments can serve as a real-world litmus test for a trader’s risk-handling prowess . A surprise assignment might spark margin calls for those not sufficiently fortified with capital. It stands as a poignant nudge about the essence of ensuring liquidity and safeguarding against the unpredictable whims of the market.

Strategically speaking, recurrent assignments might signal it’s time for traders to recalibrate. Are the options they’re offloading too submerged in-the-money? Have they factored in pivotal market shifts that might heighten early exercise odds? Such reflective moments can pave the way for refining and elevating trading methods. 

In the multifaceted world of options trading, option assignment stands out as both a potential boon and a challenge. Far from being a simple checkbox in the process, its ramifications can mold the contours of a trader’s portfolio and steer long-term tactics. The importance of comprehending and adeptly managing option assignment resonates, whether you’re dipping your toes into options for the first time or weaving through intricate trades with seasoned expertise. 

Furthermore, mastering options trading is about integrating its myriad concepts into a cohesive playbook. Whether it’s differentiating trading strategies like the iron condor from the iron butterfly strategy or delving deep into the nuances of option assignments, each component enriches the narrative of a trader’s odyssey. As markets shift and new hurdles arise, a solid grasp of foundational principles remains an invaluable asset. In this perpetual dance of learning and evolution, may your trading maneuvers always be well-informed, proactive, and adept. 

Understanding Options Assignment: FAQs

What factors influence the likelihood of an option being assigned.

Several factors come into play, including the option’s intrinsic value , the time remaining until expiration, and upcoming dividend announcements. Options that are deep in the money or nearing their expiration date are more likely to be assigned.

Are Some Option Styles More Prone to Assignment than Others?

Absolutely. When considering different option styles , it’s essential to note that American-style options can be exercised at any point before their expiration, which means they face a higher risk of early assignment. In contrast, European-style options can only be exercised at expiration.

How Do Current Market Trends Impact Assignment Risk?

Factors like market volatility, notable price shifts, and external economic happenings can amplify the chances of an option being assigned. For example, an option might be assigned before a company’s ex-dividend date if the expected dividend outweighs the weakening of theta decay .

Can Traders Reverse or Counter the Effects of an Option Assignment?

Once an option has been assigned, it’s set in stone. However, traders can maneuver within the market to balance out the implications of the assignment, such as procuring or selling the underlying asset.

Are There Any Fees Tied to Option Assignments?

Indeed, brokers usually impose a fee for both assignments and exercises. The specific fee can differ depending on the broker, making it essential for traders to understand their brokerage’s charging scheme.

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How Option Assignment Works: Understanding Options Assignment

May 26, 2023 — 08:00 am EDT

Written by [email protected] for Schaeffer  ->

Options assignment is a process in options trading that involves fulfilling the obligations of an options contract. 

It occurs when the buyer of an options contract exercises their right to buy or sell the underlying asset. The seller (writer) of the options contract must deliver or receive the underlying asset at the agreed-upon price (strike price).

What is Options Assignment?

Options assignment can happen when the owner of an option exercises their right to buy or sell shares of stock or when options expire in the money (ITM). This process can be complex and involves various factors such as the type of option, expiration date, and market conditions.

There are two main styles of options contracts: American-style and European-style. American-style options allow the buyer of a contract to exercise at any time during the life of the contract. In contrast, European-style options can only be exercised on the expiration date.

Traders selling American-style options are at risk of assignment anytime on or before the expiration date. While they can technically be assigned anytime, the option must be ITM for the owner of the contract to benefit from exercising their right. 

On the other hand, many options traders prefer to sell European-style options as it is impossible to be assigned before the expiration date, giving them more flexibility to hold their contract without worrying about being assigned early. 

Who is at Risk of Assignment in Options Trading?

Traders with short options positions are at risk of assignment because they have sold the option and are obligated to deliver or receive the underlying asset. If the owner of the options contract decides to exercise their rights, the seller of the options contract must fulfill their obligations.

Traders with long options positions are not at risk of assignment as they are in control of exercising their options. A long option holder has the right, but not the obligation, to buy or sell the underlying asset at the strike price. If the long option holder decides not to exercise their options, they can let the options contract expire worthless.

What is the Risk of Assignment?

The risks associated with options assignment are primarily centered around the obligations of the seller of the options contract. If the holder of the options contract decides to exercise their right to buy or sell the underlying asset, the seller must fulfill their obligations.

For example, if a trader sold a put option with a $100 strike price, and the stock dropped to $90, they would still have to buy the stock at $100 per share. When an option is ITM, it generally indicates that the seller of the option is in an unfavorable spot.

Of course, if you sold a $100 strike put option when the stock was trading at $120, and now it is trading at $90, the seller is likely regretting their original trade. However, it is impossible always to time the market perfectly, and assignment risk is the risk option sellers must assume. 

Traders must be aware of market conditions that could increase the risk of assignment, such as large price movements in the underlying asset. Option selling strategies benefit from a stable market environment, so you must ensure the stock you are trading will remain stable until the expiration date. Events that may cause significant market volatility, such as earnings, are crucial to be aware of when selling options. 

How to Avoid Option Assignment

While it may not be possible to avoid options assignment completely, there are several strategies that options traders can use to reduce the likelihood of being assigned.

One strategy is to manage short options positions by closing the position if your strike gets tested. For example, if you sold a $100 strike put when a stock is trading at $120 per share, you can avoid assignment by closing the position before the stock drops under your strike price of $100. 

Another strategy is to roll over your option, which means you close it out and simultaneously sell a new contract with a different strike price and/or date. Traders can roll their contracts to the same strike price at a further date or even roll it down or up to ensure their contract stays out of the money (OTM). 

These strategies may not always be effective in avoiding assignment. Traders should always be prepared to fulfill their obligations if they are assigned and have a plan to manage their positions accordingly. If a stock moves hard overnight, there is no guarantee you will successfully avoid assignment. 

Do You Keep the Premium if You Get Assigned?

Yes, if you get assigned on a short options position, you still keep the premium you received initially. However, it is important to note that if you are assigned, you will also be obligated to fulfill the contract terms by buying or selling the underlying asset at the strike price. This means you may incur additional costs associated with fulfilling your obligation, such as purchasing the underlying asset at an unfavorable price.

What Happens When Your Covered Call Gets Assigned?

If a covered call gets assigned, the seller of the call option must sell the underlying stock at the strike price to the buyer of the call option. The seller will still be able to keep the premium received from the sale of the call option.

For example, if you own a stock at $100 per share and sell a $130 strike call option, you will be forced to sell if the stock is above $130 on the expiration date. Additionally, you can be assigned before the expiration date if the stock is trading above your strike price. 

While the covered call seller will still generate a profit from this trade, the downside is you are likely missing out on more upside potential had you not sold the covered call. The seller of the covered call doesn’t have to do anything, as the broker will take care of the assignment for you. 

Are Options Automatically Assigned?

If you are an option seller, your option will either be exercised by the buyer or automatically assigned if it is ITM on the expiration date. 

If you are an option buyer, your option will not be automatically assigned before expiration. However, most brokers will automatically assign ITM options on the expiration date. 

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Option exercise and assignment explained w/ visuals.

  • Categories: Options Trading

Last updated on February 11th, 2022 , 06:38 am

Buyers of options have the right to exercise their option at or before the option’s expiration. When an option is exercised, the option holder will buy (for exercised calls) or sell (for exercised puts) 100 shares of stock per contract at the option’s strike price.

Conversely, when an option is exercised, a trader who is short the option will be assigned 100 long (for short puts) or short (for short calls) shares per contract.

  • Long American style options can exercise their contract at any time.
  • Long calls transfer to +100 shares of stock
  • Long puts transfer to -100 shares of stock
  • Short calls are assigned -100 shares of stock.
  • Short puts are assigned +100 shares of stock.
  • Options are typically only exercised and thus assigned when extrinsic value is very low.
  • Approximately only 7% of options are exercised.

The following sequences summarize exercise and assignment for calls and puts (assuming one option contract ):

Call Buyer Exercises Option   ➜  Purchases 100 shares at the call’s strike price.

Call Seller Assigned  ➜  Sells/shorts 100 shares at the call’s strike price.

Put Buyer Exercises Option  ➜  Sells/shorts 100 shares at the put’s strike price.

Put Seller Assigned   ➜  Purchases 100 shares at the put’s strike price.

Let’s look at some specific examples to drill down on this concept.

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Exercise and Assignment Examples

In the following table, we’ll examine how various options convert to stock positions for the option buyer and seller:

exercise assign table 1

As you can see, exercise and assignment is pretty straightforward: when an option buyer exercises their option, they purchase (calls) or sell (puts) 100 shares of stock at the strike price . A trader who is short the assigned option is obligated to fulfill the opposite position as the option exerciser. 

Automatic Exercise at Expiration

Another important thing to know about exercise and assignment is that standard in-the-money equity options are automatically exercised at expiration. So, traders may end up with stock positions by letting their options expire in-the-money.

An in-the-money option is defined as any option with at least $0.01 of intrinsic value at expiration . For example, a standard equity call option with a strike price of 100 would be automatically exercised into 100 shares of stock if the stock price is at $100.01 or higher at expiration.

What if You Don't Have Enough Available Capital?

Even if you don’t have enough capital in your account, you can still be assigned or automatically exercised into a stock position. For example, if you only have $10,000 in your account but you let one 500 call expire in-the-money, you’ll be long 100 shares of a $500 stock, which is a $50,000 position. Clearly, the $10,000 in your account isn’t enough to buy $50,000 worth of stock, even on 4:1 margin.

If you find yourself in a situation like this, your brokerage firm will come knocking almost instantaneously. In fact, your brokerage firm will close the position for you if you don’t close the position quickly enough.

Why Options are Rarely Exercised

At this point, you understand the basics of exercise and assignment. Now, let’s dive a little deeper and discuss what an option buyer forfeits when they exercise their option.

When an option is exercised, the option is converted into long or short shares of stock. However, it’s important to note that the option buyer will lose the extrinsic value of the option when they exercise the option. Because of this, options with lots of extrinsic value remaining are unlikely to be exercised. Conversely, options consisting of all intrinsic value and very little extrinsic value are more likely to be exercised.

The following table demonstrates the losses from exercising an option with various amounts of extrinsic value:

exercise table

As we can see here, exercising options with lots of extrinsic value is not favorable. 

Why? Consider the 95 call trading for $7. Exercising the call would result in an effective purchase price of $102 because shares are bought at $95, but $7 was paid for the right to buy shares at $95. 

With an effective purchase price of $102 and the stock trading for $100, exercising the option results in a loss of $2 per share, or $200 on 100 shares.

Even if the 95 call was previously purchased for less than $7, exercising an option with $2 of extrinsic value will always result in a P/L that’s $200 lower (per contract) than the current P/L. F

or example, if the trader initially purchased the 95 call for $2, their P/L with the option at $7 would be $500 per contract. However, if the trader decided to exercise the 95 call with $2 of extrinsic value, their P/L would drop to +$300 because they just gave up $200 by exercising.

7% Of Options Are Exercised

Because of the fact that traders give up money by exercising an option with extrinsic value, most options are not exercised. In fact, according to the Options Clearing Corporation,  only 7% of options were exercised in 2017 . Of course, this may not factor in all brokerage firms and customer accounts, but it still demonstrates a low exercise rate from a large sample size of trading accounts.

So, in almost all cases, it’s more beneficial to sell the long option and buy or sell shares instead of exercising. We like to call this approach a “synthetic exercise.”

Congrats! You’ve learned the basics of exercise and assignment. If you’d like to know how the exercise and assignment process actually works, continue to the next section!

Who Gets Assigned When an Option is Exercised?

With thousands of traders long and short options in the market, who actually gets assigned when one of the traders exercises their option?

In this section, we’ll run through the exercise and assignment process for options so you know how the assignment decision occurs.

If a trader is short a single option, how do they get assigned if one of a thousand other traders exercises that option?

The short answer is that the process is random. For example, if there are 5,000 traders who are long a call option and 5,000 traders who are short that call option, an account with the short option will be randomly assigned the exercise notice. The random process ensures that the option assignment system is fair

Visualizing Assignment and Exercise

The following visual describes the general process of exercise and assignment:

Exercise assign process

If you’d like, you can read the OCC’s detailed assignment procedure here  (warning: it’s intense!).

Now you know how the assignment procedure works. In the final section, we’ll discuss how to quickly gauge the likelihood of early assignment on short options.

Assessing Early Option Assignment Risk

The final piece of understanding exercise and assignment is gauging the risk of early assignment on a short option.

As mentioned early, only 7% of options were exercised in 2017 (according to the OCC). So, being assigned on short options is rare, but it does happen. While a specific probability of getting assigned early can’t be determined, there are scenarios in which assignment is more or less likely.

The following scenarios summarize  broad generalizations  of early assignment probabilities in various scenarios:

Assessing Assignment Risk

In regards to the dividend scenario, early assignment on in-the-money short calls with less extrinsic value than the dividend is more likely because the dividend payment covers the loss from the extrinsic value when exercising the option.

All in all, the risk of being assigned early on a short option is typically very low for the reasons discussed in this guide. However, it’s likely that you will be assigned on a short option at some point while trading options (unless you don’t sell options!), but at least now you’ll be prepared!

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Chris Butler received his Bachelor’s degree in Finance from DePaul University and has nine years of experience in the financial markets. 

Chris started the projectfinance YouTube channel in 2016, which has accumulated over 25 million views from investors globally.

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Everything You Need to Know About Options Assignment Risk

options assignment lottery

By Pat Crawley

The  fear of being assigned early on a short option position is enough to cripple many would-be options traders into sticking by their tried-and-true habit of simply buying puts or calls. After all, theoretically, the counterparty to your short options trade could exercise the option at any time, potentially triggering a Margin Call on your account if you’re undercapitalized.

But in this article, we're going to show you why early assignment is a vastly overblown fear, why it's not the end of the world, and what to do if it does occur.

What is Assignment in Options Trading?

Do you remember reading beginner  options books  or articles that said, "an option gives the buyer the right, but not the obligation, to buy/sell a stock at a specified price and date?" Well, it's accurate, but only for the buy side of the contract.

The seller of an option is actually obligated to buy or sell should the buyer choose to exercise their contract. So when options, assignment is when you, the lucky seller of an options contract, get chosen to make good on your obligation to buy or sell the underlying asset.

Let's say you sold a call option on a stock with a strike price of $50, which you held until expiration. At expiration, the stock trades at $55, meaning it's automatically exercised by the buyer. In this case, you are forced to sell the buyer 100 shares at $50 per share.

So when selling options, assignment is when you, the lucky seller of an options contract, get chosen to make good on your obligation to buy or sell the underlying asset.

What is Early Assignment in Options Trading?

Early assignment is when the buyer of an options contract that you're short decides to exercise the option before the expiration and begins the assignment process.

Many beginning traders count early assignments as one of their biggest trading fears. Many traders' fear of early assignment stems from their lack of understanding of the process. Still, it's typically not something to worry about, and we'll show you why in this article. But first, let's look at an example of how the process works.

For instance, say we collect $1 in premium to short a 30-day put option on XYZ with a strike price of $45 while the underlying is trading at $50. Fast forward, and it's the morning of expiration day. Options will expire at the close of trading in a few hours. The underlying stock is hovering around $44.85. Our plan pretty much worked as planned until, for some reason, the holder of the option exercises the option. We're confused and don't know what's going on.

It works exactly the same way as ordinary options settlement . You fulfill your end of the bargain. As the seller of a put option, you sold the right to sell XYZ at $45. The option buyer exercised that right and sold his shares to you at $45 per share.

And now, let's break down what happened in this transaction:

  • You collected $1 in premium when opening the contract  
  • The buyer of the option exercises his right to sell at $45 per share.  
  • You’re now long 100 shares of XYZ that you paid $45 for, and you sell them at the market price of $44.80 per share, realizing a $0.20 per share loss.  
  • Your profit on the transaction is $0.80 because you pocketed $1 from the initial sale of the option but lost $0.20 from selling the 100 shares from assignment at a loss.

Why Early Assignment is Nothing to Fear

Many beginning traders count early assignments as one of their biggest trading fears; on some level, it makes sense. As the seller of an option, you're accepting the burden of a legitimate obligation to your counterparty in exchange for a premium. You're giving up control, and the early assignment shoe can, on paper, drop at any time.

Exercising Options Early Burns Money

People rarely exercise options early because it simply doesn't make financial sense. By exercising an option, you're only capturing the option's intrinsic value and entirely forfeiting the extrinsic value to the option seller. There's seldom a reason to do this.

Let's put ourselves in the buyer's shoes. For instance, we pay $5 for a 30-day call with a strike price of $100 while the underlying is trading at $102. The call has $2 in intrinsic value, meaning our call is in-the-money by $2, which would be our profit if the option expired today.

The other $3 of the option price is extrinsic value. This is the value of time, volatility, and convexity. By exercising early, the buyer of an option is burning that $3 of extrinsic value just to lock in the $2 profit.

A much better alternative would be to sell the option and go and buy 100 shares of the stock in the open market.

Viewed in this light, an option seller can’t be blamed for looking at early assignment as a good thing, as they get to lock in their premium as profit.

Your Risk Doesn’t Change

One of the biggest worries about early assignment is that being assigned will somehow open the trader up to additional risk. For instance, if you’re assigned on a short call position, you’ll end up holding a short position in the underlying stock.

However, let me prove that the maximum risk in your positions stays the same due to early assignment.

How Early Assignment Doesn’t Change Your Position’s Maximum Risk

Perhaps you collect $2.00 in premium for shorting an ABC $50/$55 bear call spread. In other words, we're short the $50 call for a credit of $2.50 and long the $55 call, paying a debit of $0.50.

Before considering early assignment, let's determine our maximum risk on this call spread. The maximum risk for a bear call spread is the difference between the strike minus the net credit you receive. In this case, the difference between the strikes is $5, and we collect a net credit of $2, making our maximum risk on the position $3 or $300.

You wake up one morning with the underlying trading at $58 to find that the counterparty of your short $50 call has exercised its option, giving them the right to buy the underlying stock at $50 per share.

You'd end up short due to being forced to sell the buyer shares at $50. So you're short 100 shares of ABC with a cost basis of $50 per share. On that position, your P&L is -$800, the P&L on a $55 long call is +$250, on account of you paying $0.50, and the call being $3.00 in-the-money. And finally, because the option holder exercised early, you get to keep the entire credit you collected to sell the $50 call, so you've collected +$250.

So your P&L is $300. You've reached your max loss. Let's get extreme here. Suppose the price of the underlying runs to $100. Here are the P&Ls for each leg of the trade:

  • Short stock: -$5,000  
  • Long call: +$4,450  
  • Net credit received from exercised short option: +$250  
  • 5,000 - (4,450 + 250) = $300

While dealing with early assignments might be a hassle, it doesn’t open a trader up to additional risk they didn’t sign up for.

Margin Calls Usually Aren’t The End of the World

Getting a margin call due to early assignment isn't the end of the world. Believe it or not, stock brokerages have been around for a long time. They have seen early assignments many times before, and they have protocols for it.

Think about it intuitively, your broker allowed you to open the short option position knowing that the capital in your account could not cover an early assignment. Still, they let you make the trade anyways.

So what happens when you get an early assignment that you can’t cover? Your broker issues you a margin call. Once you’re in violation of their margin rules, they pretty much have carte blanche to handle the situation as they wish, including liquidating the assigned stock position at their will.

However, most brokers will give you some time to react to the situation and either decide to deposit more capital, liquidate the position on your own, or exercise offsetting options to fulfill the margin call in the case of an option spread.

Even though a margin call isn't fun, remember that the overall risk of your position doesn't change due to an early assignment, and it's typically not a momentous event to deal with. You probably just have to liquidate the trade.

When Early Assignment Might Occur?

Dividend Capture

One of the few times it might make sense for a trader to exercise an option early is when he's holding a call that is deep in-the-money, and there's an upcoming ex-dividend date.

Because deep ITM calls have very little extrinsic value (because their deltas are so high), any negligible extrinsic value is often outweighed by the value of an upcoming dividend payment , so it makes sense to exercise and collect the dividend.

Deep In-The-Money Options Near Expiration

While it's important to emphasize that the risk of early assignment is very low in most cases, the likelihood does rise when you're dealing with options with very little extrinsic value, like deep-in-the-money options. Although, even in those cases, the probabilities are pretty low.

However, an options trader that is trading to exploit market anomalies like the volatility risk premium, in which implied volatility tends to be overpriced, shouldn't even be trading deep-in-the-money options anyhow. Profitable option sellers tend to sell options with very little intrinsic value and tons of extrinsic value.

Bottom Line

Don't let the  fear of early assignment discourage you from selling options. Far worse things when shorting options! While it's true that early assignment can occur, it's typically not a big deal. Related articles

  • Can Options Assignment Cause Margin Call?
  • Assignment Risks To Avoid
  • The Right To Exercise An Option?
  • Options Expiration: 6 Things To Know
  • Early Exercise: Call Options
  • Expiration Surprises To Avoid
  • Assignment And Exercise: The Mental Block
  • Should You Close Short Options On Expiration Friday?
  • Fear Of Options Assignment
  • Day Before Expiration Trading
  • Accurate Expiration Counting

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Magnet/Special Transfer Option (STO) Application Process

options assignment lottery

Begin the school selection journey! 

  • Who should apply for magnet/special transfer option (STO) schools: This is for families who want their child to attend a school outside their attendance zone . There is no need to complete an application if you want your child to continue in their neighborhood school or remain in their current school of enrollment.  
  • Application Window : There is an application window that opens Jan. 1 and runs through the last day of February. During this time, families can submit applications for magnet and Special Transfer Option (STO) schools for the upcoming school year. When parents submit an application during this time, they are actually entering into a lottery process with other parents. That means there is no guaranteed placement of students in a school or program. Placement is based on seat availability as well as possible academic or other special criteria.
  • Controlled Open Enrollment: Controlled Open Enrollment runs mid-April through August and at the end of each quarter.  " Controlled Open Enrollment " allows families to apply to schools as long as that school has an available seat. Parents are encouraged to make an appointment with a School Choice specialist for more information.
  • Where to apply: Magnet and STO applications are available in Focus. Parents and caregivers will need to create a Parent Account and link it to your child in order to have access to Focus. If you do not have a Parent Account, visit www.duvalschools.org/parentaccount to create one. During Controlled Open Enrollment, applications are available on our webpage , not in FOCUS.    

Steps 1-4 below are regarding the Application Window process. Apply between Jan. 1 - Feb. 29.

Step 1 - Choose a school/program

Rather than focusing on a particular school to attend, concentrate on selecting the type of program that interests your child and aligns to their future goals. Then try to match them to the programs offered at individual schools.   

  • Read through program information provided in the School Choice Reference Guide . 
  • Visit individual school websites
  • Middle and high schools will be open January 27th.  Elementary schools will be open February 3rd. 
  • Tours are available at 9 a.m., 10:45 a.m., 12:30 p.m. and 2:00 p.m. 

Remember, you may find that your neighborhood school is the best school for your child. To find your neighborhood school, go to  www.duvalschools.org/finder .

Step 2 - Learn the details - priorities and transportation

Before applying to a school, there are many topics you’ll need to know about.  We’ll cover them in sections specifically designed for magnet schools/programs and special transfer option schools. 

  • Children entering kindergarten must be five years old as of September 1st
  • First grade students must have successfully completed kindergarten and be six years old on or before September 1st

PRIORITY FOR ADMISSION  

At most schools, there are not enough seats to accommodate every student who applies.  For this reason, each selection that you make on the application is assigned a certain “priority” ranking which is considered in the lottery.  Those priorities for both magnet and special transfer option schools are available in our 2022-23 School Choice Reference Guide . 

ACADEMIC PERFORMANCE STANDARDS – MIDDLE SCHOOL MAGNETS  

Acceptance into most middle school magnet programs is not based on academic performance or other competitive criteria. 

However, nine magnet middle schools (Darnell-Cookman School of the Medical Arts, Fort Caroline MS of the Arts, James Weldon Johnson, Joseph Stilwell, Julia Landon, Springfield MS, LaVilla School of the Arts, Young Men and Young Woman's Leadership Academy) have academic performance standards which must be met for a student to remain the following year. Other schools may have a school-student contract that must be honored for students to remain in good standing. Each magnet school is responsible for making this information available to the parents of students who attend that school. These standards are: 

Grades 6-7 -  Pass all courses 

Grades 7-8 -  Maintain an overall unweighted 2.0 grade point average, and pass all courses 

In addition, students at Fort Caroline and LaVilla must earn a “C” or higher in each arts area.

Middle schools with special admission procedures:   Students with advanced training in the arts may be considered for admission to LaVilla and Fort Caroline Middle through an audition. LaVilla and Fort Caroline will hold open auditions in January. Please contact the schools for specific dates and times. All students who audition MUST also submit an online application through the Parent/Guardian Account by the February 28 deadline in order to be considered for admission. All applicants for LaVilla and Fort Caroline MS, including successful auditions, are processed through the lottery. 

ACADEMIC PERFORMANCE STANDARDS – HIGH SCHOOL MAGNETS   

Acceptance into a high school magnet program is not based on academic performance or other competitive criteria, except for Stanton College Preparatory, Paxon School for Advanced Studies, Darnell-Cookman School of the Medical Arts, Riverside High School (Engineering program), and Samuel W. Wolfson. 

High schools with academic performance standards: Five magnet high schools (A. Philip Randolph Career Academies, Andrew Jackson High School of Advanced Technology, Darnell-Cookman School of the Medical Arts, Frank H. Peterson Academies of Technology, Paxon School for Advanced Studies, Samuel Wolfson and Stanton College Preparatory) have academic performance standards which must be met in order for a student to remain the following year. Other schools may have a school-student contract that must be honored for students to remain in good standing. Each magnet school is responsible for making this information available to the parents of students who attend that school. These standards are:  

  • Grades 9-10  - Maintain an overall unweighted 2.0 grade point average, and pass all courses 
  • Grades 10-11  - Maintain an overall unweighted 2.0 grade point average, and pass all courses 

TRANSPORTATION

Elementary Schools

  • Your neighborhood school provides transportation if you live more than 1½ miles from the school. Find your neighborhood schools by going to www.duvalschools.org/finder. 
  • Transportation is provided for magnet elementary students who live within the transportation zone of the school. 
  • Transportation to special transfer option schools is provided by the parent or guardian 

Middle Schools 

Middle schools are not divided into zones. District-wide transportation is provided with a combination of neighborhood routes, shuttles and Express Routes.* There are some differences in the transportation system that apply to specific schools. 

In the morning, transportation is currently provided to students attending  Darnell-Cookman, Landon, LaVilla, James W. Johnson, Joseph Stilwell, Springfield MS, Young Men’s Leadership Academy and Young Women’s Leadership Academy  on neighborhood buses to an area high school followed by shuttle service to the magnet school. Express Route* service is provided in the afternoon. 

Fort Caroline and Highlands middle schools follow the magnet transportation model both morning and afternoon using Express Routes.* 

John E. Ford K-8  middle school students are transported according to the elementary zones for this school. 

Baldwin Middle/High  currently has limited transportation. A shuttle bus is provided to and from Baldwin Middle/ High from Riverside High only. Parents are responsible for getting their students to and from Riverside High. 

Alfred duPont Middle  currently has limited transportation from the Mandarin, Twin Lakes, Southside, and Matthew Gilbert middle school attendance areas only. 

Southside Midd le has limited transportation from the Matthew Gilbert attendance area only. 

Jean Ribault Middle  has limited transportation from Arlington, Fletcher, Kernan, Landmark and Twin Lakes middle school attendance areas only. 

Mayport Middle  utilizes the Coastal Transportation Plan to provide limited service via shuttle buses from Fletcher, Sandalwood and Terry Parker high schools. Parents are responsible for getting their students to and from Fletcher, Sandalwood and Terry Parker. 

Bus stop and times are subject to change for the 2022-2023 school year. To be eligible for transportation, students must apply to a magnet school by the February 28th application deadline. Once accepted, families may view current stops by visiting the Transportation website at  www.duvalschools.org/bus  

Families should follow the directions in their acceptance letter to register for a bus stop through the parent/guardian Focus account by  May 27, 2022 . Stops will be added according to state and district guidelines. Parents/guardians will be able to log into their Focus account two weeks before school opens to find their bus stop information. 

For more information regarding transportation, please visit  www.duvalschools.org/bu s or call (904) 858-6200. 

*Express Routes have limited bus stops and are located at or near a Duval County public school or other public location selected by the Transportation Department. The District distance-to-stop policy does not apply to Express Routes.  Parents or guardians are responsible for transporting and supervising their children at the bus stop.  

High Schools

High schools are not divided into zones. District-wide transportation is provided with a combination of neighborhood routes, shuttles and Express Routes.* There are some differences in the transportation system that apply to specific schools. 

In the morning, transportation is currently provided to students attending Douglas Anderson, Darnell-Cookman, Andrew Jackson, Paxon, Frank H. Peterson, A Philip Randolph, Stanton and Samuel Wolfson on neighborhood buses to an area high school followed by shuttle service to the magnet school. 

*Express Route service is provided in the afternoon. 

Riverside, Mandarin, Jean Ribault, William Raines and Edward H. White  high schools follow the magnet transporta tion model both morning and afternoon using Express Routes.* 

Baldwin Middle/High  currently has limited transportation. A shuttle bus is provided to and from Baldwin Middle/High from Riverside High only. Parents are responsible for getting their students to and from Riverside High. 

Bus stops and times are subject to change for the 2022-2023 school year. To be eligible for transportation, students must apply to a magnet school by the February 28th application deadline. Once accepted, families may view current stops by visiting the Transportation web site at  www.duvalschools.org/bus . 

Families should follow the directions in their acceptance letter to register for a bus stop through the parent/guardian Focus account by  May 27, 2022 . Stops will be added according to state and district guidelines. Parents/guardians will be able to log into their Focus account two weeks before school opens to find their bus stop information. For more information regarding transportation, please visit  www.duvalschools.org/bus  or call (904) 858-6200. 

*Express Routes have limited bus stops and are located at or near a Duval County Public School or other public location selected by the Transportation Department. The District distance-to-stop policy does not apply to Express Routes.  Parents or guardians are responsible for transporting their children at the bus stop.

Step 3 - Apply to the school/program

Congratulations! You have selected a school for your child. You are ready to apply. Magnet and STO applications are available in the Parent FOCUS Account. There is an application for magnet schools and an application for STO schools. 

The deadline to apply is the last day of February. 

Step 4 - Receive notification (the lottery and waitlist)

After the application window closes, applications will be processed and prepared for the lottery.  The lottery is a computer program that randomly selects students based on the priority of each chosen school/program and projected grade level.   

There is a predetermined number of “open” seats available for each school/program at each grade level.  The computerized program selects students based on the order of choice and priority of the chosen school/program.  This is why it is so important to carefully make your choices.  Many popular programs are filled with students who have made that program their first choice.  Often, there are no seats remaining by the time the computer program begins the lottery for second choices.  This applies even if you have program continuity (magnet) or sibling preference (magnet and special transfer option). 

The lottery will process magnet choices first.  If a student is  placed  into one of his/her/their magnet choices, the lottery  will not process the special transfer option choice, if one was made.  Should a student not be placed in any of his/her/their magnet choices, the student will be placed on a magnet wait list for those choices.  The lottery will then process the special transfer option choice, if one was made.  If accepted into his/her/their special transfer option, the student will remain on the magnet wait list(s).  If the student is not placed in his/her/their special transfer option choice, he/she/they will be placed on a special transfer option wait list while keeping his/her/their place on any magnet wait list. 

There are no guarantees.  Admission is determined by a lottery that is based on the number of seats available and the number of applications received for a school or program. 

NOTIFICATION  

Results of the lottery will be  sent electronically  as soon as they are available, usually in the middle of April.  Your notification will include whether the student has been placed and, if so, into which school and program or whether the student has been placed on a wait list. 

Parents/guardians will electronically receive notification of the magnet lottery results.  Only parents/guardians who made a special transfer option choice AND who child was not placed into one of their magnet choices will receive an additional electronic notification regarding their special transfer option choice.  Parents/guardians who only made a special transfer option choice will electronically receive notification of the special transfer option lottery results. 

Parents may cancel a magnet or special transfer option assignment during the summer by sending an email to  [email protected]  or in person at the Office of School Choice.  You will be asked to provide a reason for the cancellation. 

WAIT LIST  

Students who are not placed as a result of the lottery are on a wait list.  For those students, there is still a good chance of being placed in their school of choice, if an opening becomes available during the summer.   

Wait List and student assignment information can be found by logging into your parent/guardian account.   

Students who are placed into one of their choice magnet schools do NOT appear on the wait list for any other school/program.  

Have questions? Visit our website at  www.duvalschools.org/schoolchoice  or contact us at 904-390-2082 or  [email protected] .  

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Exercising your options

options assignment lottery

Managing an options trade is quite different from that of a stock trade. Essentially, there are 4 things you can do if you own options: hold them, exercise them, roll the contract, or let them expire. If you sell options, you can also be assigned.

If you are an active investor trading options with some percentage of your overall investment funds, here’s how you can evaluate the available choices for an options trade.

Holding your options

During the life of an options contract you’ve purchased, you can simply hold them (i.e., take no action). Suppose you own call options (which grant the right, but not the obligation, to buy a specified amount of an underlying stock at a specified strike price up and until a specified expiration date) and you believe the underlying stock price will rise within the time remaining until expiration. In this scenario, you would hold the option so that they increase in value over time.

The primary objective of this approach is potential appreciation of the option (based on the underlying stock rising and/or an increase in expected volatility for the underlying stock using our example of buying a call), in addition to delaying additional cost of buying the stock or any tax implications after you exercise the options.

To exercise an option means to take action on the right to buy or sell the underlying position in an options contract at the predetermined strike price, at or before expiration. The order to exercise your options depends on the position you have. For example, if you bought to open call options, you would exercise the same call options by contacting your brokerage company and giving your instructions to exercise the call options (to buy the underlying stock at the strike price).

There are a variety of reasons why you might choose to exercise options before they expire (assuming they are in the money, which means they have value). In addition to wanting to capture realized gains on your options, you may want to exercise:

Be aware that closing out an options position triggers a taxable event, so you would want to consider the tax implications and the timing of closing a trade on your specific situation. You should consult your tax advisor if you have additional questions.

In sum, there are many scenarios that might cause you to want to exercise your options before expiration, and they depend primarily on your outlook for the underlying stock and your objectives/risk constraints.

Employee stock plan options

There are additional choices you can make when exercising employee stock plan options . 1  These include:

  • Exercise-and-hold (cash-for-stock)
  • Exercise-and-sell-to-cover
  • Exercise-and-sell

Rolling your options

Before expiration—and, more commonly, near the end of the contract—you can also choose to roll the contract. This involves closing out your existing options position (by selling to close a long position or buying to close a short position) that is about to expire and simultaneously purchasing a substantially similar options position, only with a later expiration date. You might want to roll out your position if you want to have the same options exposure after your contract is set to expire.

In a covered call position, for example, you can also roll up, roll down, or roll out. This involves closing out your existing short options position that is about to expire, and simultaneously selling another options position, typically with a later expiration date. While there are differences among these choices, the objective is the same: to obtain similar exposure to an existing position.

If you sell an option, you have an obligation to sell stock if you are short a call, and an obligation to buy stock if you are short a put. The owner of call or put options has the right to assign the contract to the seller. This is known as assignment.

Assignment occurs when the buyer exercises an options contract on or before expiration, and the seller must fulfill the obligation by either buying or selling the underlying security at the exercise price. As a seller of options, you can be assigned at any time prior to expiration regardless of the underlying share price—meaning you might have to receive or deliver shares of the underlying stock.

Depending on your position, settlement can occur in a variety of ways. If you are assigned on a covered call, for example, the shares you own will be sold automatically.

Let the options expire

Remember, options have an expiration date. They either have intrinsic value (for calls, the stock is above the strike price, and for puts, the stock is below the strike price) or they will expire worthless. If the options have intrinsic value, you should plan to exercise at or before expiration, or anticipate having it automatically exercised at expiration if in the money. If they do not have intrinsic value, you can simply let your options expire. Of course, letting options expire can also have tax consequences.

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Assignment in Options Trading

Introduction articles, what is an options assignment.

In options trading , an assignment occurs when an option is exercised.   

As we know, a buyer of an option has the right but not the obligation to buy or sell an underlying asset depending on what option they have purchased. When the buyer exercises this right, the seller will be assigned and will have to deliver or take delivery of what they are contractually obliged to. For stock options, it is typically 1 , 000 shares per contract for the UK ; and 100 shares per contract in the US.   

As you can see, a buyer will never be assigned, only the seller is at risk of assignment. The buyer, however, may be auto exercised if the option expires in-the-money .

The Mechanics of Assignment

Assignment of options isn’t a random process. It’s a methodical procedure that follows specific steps, typically beginning with the option holder’s decision to exercise their option. The decision then gets routed through various intermediaries like brokers and clearing +houses before the seller is notified.

  • Exercise by Holder: The holder (buyer) of the option exercises their right to buy (for Call ) or sell (for Put ).
  • Random Assignment by a Clearing House: A clearing house assigns the obligation randomly among all sellers of the option.
  • Fulfilment by the Writer: The writer (seller) now must fulfill the obligation to sell (for Call) or buy (for Put) the underlying asset.

Option Assignments: Calls and Puts

Call option assignments.

When a call option holder chooses to exercise their right, the seller of the call option gets assigned. In such a situation, the seller is obligated to sell the underlying asset at the strike price to the call option holder.

Put Option Assignments

Similarly, if a put option holder decides to exercise their right, the put option seller gets assigned. The seller is then obligated to buy the underlying asset at the strike price from the put option holder.

The Implications of Assignments for Options Traders

Understanding assignment in options trading is crucial as it comes with potential risks and rewards for both parties involved.

For Option Sellers

Option sellers, or ‘writers,’ face the risk of unexpected assignments. The risk of being assigned early is especially present for options that are in the money or near their expiration date. We explain the difference between American and European assignments below.

For Option Holders

For option holders, deciding when to exercise an option (potentially leading to assignment) is a strategic decision. This decision must consider factors such as the intrinsic value of the option, the time value, and the dividend payment of the underlying asset.

Can Options be assigned before expiration?

In short, Yes, but it depends on the style of options you are trading. 

American Style – Yes, this type of option can be assigned on or before expiry. 

European Style – No, this type of option can only be assigned on the expiry date as defined in the contract specifications.

Options Assignment Example

For example, an investor buys XYZ PLC 400 call when the stock is trading at 385. The stock in the coming weeks rises to 425 after some good news, the buyer then decides to exercise their right early to buy the XYZ PLC stock at 400.  

In this scenario, the call seller (writer) has been assigned and will have to deliver stock at 400 to the buyer (sell their stock at 400 when the prevailing market is 425).   

An option typically would only be assigned if it is in the money, considering factors like dividends which do play an important role in exercise/assignments.

Can an Options Assignment be Prevented?

Assignment can sometimes come as a bit of a surprise but normally you should see it coming. You can only work to prevent assignment by closing the option before expiry or before any possible risk of assignment.

Managing Risks in Options Trading

While options trading can offer high returns, it is not devoid of risks. Therefore, understanding and managing these risks is key.  

Buyers Risk: The premium paid for an option is at risk. If the option is not profitable at expiration, the premium is lost.  

Writers Risk: The writer takes on a much larger risk. If a call option is assigned, they must sell the underlying asset at the strike price, even if its market price is higher.

Options Assignment Summary

The concept of ‘assignment’ in options trading, although complex, is a cornerstone of understanding options trading. It not only clarifies the responsibilities of an options seller but also helps the traders to gauge and manage their risks more effectively. Successful trading involves not just knowing your options but also understanding your obligations.

Options Assignment FAQs

What is options assignment.

Options assignment refers to the process by which the seller (writer) of an options contract is obligated to fulfill their contractual obligation to buy or sell the underlying asset, as specified by the terms of the options contract.

When does options assignment occur?

Options assignment can occur when the buyer of the options contract exercises their right to buy (in the case of a call option) or sell (in the case of a put option) the underlying asset before or at expiration .

How does options assignment work?

When a buyer exercises their options contract, a clearing house randomly assigns a seller who is short (has written) the same options contract to fulfill the obligations of the exercise.

What happens to the seller upon options assignment?

If assigned, the seller (writer) of the options contract is obligated to fulfill their contractual obligation by buying or selling the underlying asset at the specified price (strike price) per the terms of the options contract.

Can options be assigned before expiration?

Yes, options can be assigned at any time (depending on contract type) before expiration if the buyer chooses to exercise their right. However, it is more common for options to be assigned closer to expiration as the time value diminishes.

What factors determine options assignment?

Options assignment is determined by the buyer’s decision to exercise their options contract. They may choose to exercise if the options contract is in-the- money and it is financially advantageous for them to do so.

How can I avoid options assignment? 

As a seller (writer) of options contracts, you can avoid assignment by closing your position before expiration through a closing trade (buying back the options contract) or rolling it over to a future expiration date.

What happens if I am assigned on a short call option?

If assigned on a short call option, you are obligated to sell the underlying asset at the specified price (strike price). This means you would need to deliver the shares . To fulfill this obligation, you may need to buy the shares in the open market if you do not hold them .

What happens if I am assigned on a short put option?

If assigned on a short put option, you are obligated to buy the underlying asset at the specified price (strike price). This means you would need to purchase the shares .  

How does options assignment affect my account?

Options assignment can impact your account by requiring you to fulfill the obligations of the assigned options contract, which may involve buying or selling the underlying asset. It is important to have sufficient funds or margin available to cover these obligations.

OptionsDesk Tips & Considerations

You should always have enough funds in your account to cover any assignment risk. If you have a short call position and it is in-the-money at the time of an ex-dividend be aware of extra assignment risk here as buyer/holder of the option may look to exercise to qualify for the dividend. Assignments can happen at any time!

Check out our other articles

options assignment lottery

Important information : Derivative products are considerably higher risk and more complex than more conventional investments, come with a high risk of losing money rapidly due to leverage and are not, therefore, suitable for everyone. Our website offers information about trading in derivative products, but not personal advice. If you’re not sure whether trading in derivative products is right for you, you should contact an independent financial adviser. For more information, please read our Important Derivative Product Trading Notes .

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What Is an Option Assignment?

options assignment lottery

Definition and Examples of Assignment

How does assignment work, what it means for individual investors.

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An option assignment represents the seller of an option’s obligation to fulfill the terms of the contract by either selling or purchasing the underlying security at the exercise price. Let’s explain what that means in more detail.

Key Takeaways

  • An assignment represents the seller of an option’s obligation to fulfill the terms of the contract by either selling or purchasing the underlying security at the exercise price. 
  • If you sell an option and get assigned, you have to fulfill the transaction outlined in the option.
  • You can only get assigned if you sell options, not if you buy them.
  • Assignment is relatively rare, with only 7% of options ultimately getting assigned.

An assignment represents the seller of an option’s obligation to fulfill the terms of the contract by either selling or purchasing the underlying security at the exercise price. Let’s explain what that means in more detail.

When you sell an option to someone, you’re selling them the right to make you engage in a future transaction. For example, if you sell someone a put option , you’re promising to buy a stock at a set price any time between when the transaction happens and the expiration date of the option.

If the holder of the option doesn’t do anything with the option by the expiration date, the option expires. However, if they decide that they want to go through with the transaction, they will exercise the option. 

If the holder of an option chooses to exercise it, the seller will receive a notification, called an assignment, letting them know that the option holder is exercising their right to complete the transaction. The seller is legally obligated to fulfill the terms of the options contract.

For example, if you sell a call option on XYZ with a strike price of $40 and the buyer chooses to exercise the option, you’ll be assigned the obligation to fulfill that contract. You’ll have to buy 100 shares of XYZ at whatever the market price is, or take the shares from your own portfolio and sell them to the option holder for $40 each.

Options traders only have to worry about assignment if they sell options contracts. Those who buy options don’t have to worry about assignment because in this case, they have the power to exercise a contract, or choose not to.

The options market is huge, in that options are traded on large exchanges and you likely do not know who you’re buying contracts from or selling them to. It’s not like you sell an option to someone you know and they send you an email if they choose to exercise the contract, rather it is an organized process.

In the U.S., the Options Clearing Corporation (OCC), which is considered the options industry clearinghouse, helps to facilitate the exchange of options contracts. It guarantees a fair process of option assignments, ensuring that the obligations in the contract are fulfilled.

When an investor chooses to exercise a contract, the OCC randomly assigns the obligation to someone who sold the option being exercised. For example, if 100 people sold XYZ calls with a strike of $40, and one of those options gets exercised, the OCC will randomly assign that obligation to one of the 100 sellers.

In general, assignments are uncommon. About 7% of options get exercised, with the remaining 93% expiring. Assignment also tends to grow more common as the expiration date nears.

If you are assigned the obligation to fulfill an options contract you sold, it means you have to accept the related loss and fulfill the contract. Usually, your broker will handle the transaction on your behalf automatically.

If you’re an individual investor, you only have to worry about assignment if you’re involved in selling options. Even then, assignments aren't incredibly common. Less than 7% of options get assigned and they tend to get assigned as the option’s expiration date gets closer.

Having an option assigned does mean that you are forced to lock in a loss on an option, which can hurt. However, if you’re truly worried about assignment, you can plan to close your position at some point before the expiration date or use options strategies that don’t involve selling options that could get exercised.

The Options Industry Council. " Options Assignment FAQ: How Can I Tell When I Will Be Assigned? " Accessed Oct. 18, 2021.

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Assignment: Definition in Finance, How It Works, and Examples

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

options assignment lottery

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

options assignment lottery

What Is an Assignment?

Assignment most often refers to one of two definitions in the financial world:

  • The transfer of an individual's rights or property to another person or business. This concept exists in a variety of business transactions and is often spelled out contractually.
  • In trading, assignment occurs when an option contract is exercised. The owner of the contract exercises the contract and assigns the option writer to an obligation to complete the requirements of the contract.

Key Takeaways

  • Assignment is a transfer of rights or property from one party to another.
  • Options assignments occur when option buyers exercise their rights to a position in a security.
  • Other examples of assignments can be found in wages, mortgages, and leases.

Uses For Assignments

Assignment refers to the transfer of some or all property rights and obligations associated with an asset, property, contract, or other asset of value. to another entity through a written agreement.

Assignment rights happen every day in many different situations. A payee, like a utility or a merchant, assigns the right to collect payment from a written check to a bank. A merchant can assign the funds from a line of credit to a manufacturing third party that makes a product that the merchant will eventually sell. A trademark owner can transfer, sell, or give another person interest in the trademark or logo. A homeowner who sells their house assigns the deed to the new buyer.

To be effective, an assignment must involve parties with legal capacity, consideration, consent, and legality of the object.

A wage assignment is a forced payment of an obligation by automatic withholding from an employee’s pay. Courts issue wage assignments for people late with child or spousal support, taxes, loans, or other obligations. Money is automatically subtracted from a worker's paycheck without consent if they have a history of nonpayment. For example, a person delinquent on $100 monthly loan payments has a wage assignment deducting the money from their paycheck and sent to the lender. Wage assignments are helpful in paying back long-term debts.

Another instance can be found in a mortgage assignment. This is where a mortgage deed gives a lender interest in a mortgaged property in return for payments received. Lenders often sell mortgages to third parties, such as other lenders. A mortgage assignment document clarifies the assignment of contract and instructs the borrower in making future mortgage payments, and potentially modifies the mortgage terms.

A final example involves a lease assignment. This benefits a relocating tenant wanting to end a lease early or a landlord looking for rent payments to pay creditors. Once the new tenant signs the lease, taking over responsibility for rent payments and other obligations, the previous tenant is released from those responsibilities. In a separate lease assignment, a landlord agrees to pay a creditor through an assignment of rent due under rental property leases. The agreement is used to pay a mortgage lender if the landlord defaults on the loan or files for bankruptcy . Any rental income would then be paid directly to the lender.

Options Assignment

Options can be assigned when a buyer decides to exercise their right to buy (or sell) stock at a particular strike price . The corresponding seller of the option is not determined when a buyer opens an option trade, but only at the time that an option holder decides to exercise their right to buy stock. So an option seller with open positions is matched with the exercising buyer via automated lottery. The randomly selected seller is then assigned to fulfill the buyer's rights. This is known as an option assignment.

Once assigned, the writer (seller) of the option will have the obligation to sell (if a call option ) or buy (if a put option ) the designated number of shares of stock at the agreed-upon price (the strike price). For instance, if the writer sold calls they would be obligated to sell the stock, and the process is often referred to as having the stock called away . For puts, the buyer of the option sells stock (puts stock shares) to the writer in the form of a short-sold position.

Suppose a trader owns 100 call options on company ABC's stock with a strike price of $10 per share. The stock is now trading at $30 and ABC is due to pay a dividend shortly. As a result, the trader exercises the options early and receives 10,000 shares of ABC paid at $10. At the same time, the other side of the long call (the short call) is assigned the contract and must deliver the shares to the long.

options assignment lottery

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Options Exercise, Assignment, and More: A Beginner's Guide

options assignment lottery

So your trading account has gotten options approval, and you recently made that first trade—say, a long call in XYZ with a strike price of $105. Then expiration day approaches and, at the time, XYZ is trading at $105.30.

Wait. The stock's above the strike. Is that in the money 1 (ITM) or out of the money 2  (OTM)? Do I need to do something? Do I have enough money in my account? Help!

Don't be that trader. The time to learn the mechanics of options expiration is before you make your first trade.

Here's a guide to help you navigate options exercise 3 and assignment 4 —along with a few other basics.

In the money or out of the money?

The buyer ("owner") of an option has the right, but not the obligation, to exercise the option on or before expiration. A call option 5 gives the owner the right to buy the underlying security; a put option 6  gives the owner the right to sell the underlying security.

Conversely, when you sell an option, you may be assigned—at any time regardless of the ITM amount—if the option owner chooses to exercise. The option seller has no control over assignment and no certainty as to when it could happen. Once the assignment notice is delivered, it's too late to close the position and the option seller must fulfill the terms of the options contract:

  • A long call exercise results in buying the underlying stock at the strike price.
  • A short call assignment results in selling the underlying stock at the strike price.
  • A long put exercise results in selling the underlying stock at the strike price.
  • A short put assignment results in buying the underlying stock at the strike price.

An option will likely be exercised if it's in the option owner's best interest to do so, meaning it's optimal to take or to close a position in the underlying security at the strike price rather than at the current market price. After the market close on expiration day, ITM options may be automatically exercised, whereas OTM options are not and typically expire worthless (often referred to as being "abandoned"). The table below spells it out.

  • If the underlying stock price is...
  • ...higher than the strike price
  • ...lower than the strike price
  • If the underlying stock price is... A long call is...
  • ...higher than the strike price ...ITM and typically exercised
  • ...lower than the strike price ...OTM and typically abandoned
  • If the underlying stock price is... A short call is...
  • ...higher than the strike price ...ITM and typically assigned
  • If the underlying stock price is... A long put is...
  • ...higher than the strike price ...OTM and typically abandoned
  • ...lower than the strike price ...ITM and typically exercised
  • If the underlying stock price is... A short put is...
  • ...lower than the strike price ...ITM and typically assigned

The guidelines in the table assume a position is held all the way through expiration. Of course, you typically don't need to do that. And in many cases, the usual strategy is to close out a position ahead of the expiration date. We'll revisit the close-or-hold decision in the next section and look at ways to do that. But assuming you do carry the options position until the end, there are a few things you need to consider:

  • Know your specs . Each standard equity options contract controls 100 shares of the underlying stock. That's pretty straightforward. Non-standard options may have different deliverables. Non-standard options can represent a different number of shares, shares of more than one company stock, or underlying shares and cash. Other products—such as index options or options on futures—have different contract specs.
  • Stock and options positions will match and close . Suppose you're long 300 shares of XYZ and short one ITM call that's assigned. Because the call is deliverable into 100 shares, you'll be left with 200 shares of XYZ if the option is assigned, plus the cash from selling 100 shares at the strike price.
  • It's automatic, for the most part . If an option is ITM by as little as $0.01 at expiration, it will automatically be exercised for the buyer and assigned to a seller. However, there's something called a do not exercise (DNE) request that a long option holder can submit if they want to abandon an option. In such a case, it's possible that a short ITM position might not be assigned. For more, see the note below on pin risk 7 ?
  • You'd better have enough cash . If an option on XYZ is exercised or assigned and you are "uncovered" (you don't have an existing long or short position in the underlying security), a long or short position in the underlying stock will replace the options. A long call or short put will result in a long position in XYZ; a short call or long put will result in a short position in XYZ. For long stock positions, you need to have enough cash to cover the purchase or else you'll be issued a margin 8 call, which you must meet by adding funds to your account. But that timeline may be short, and the broker, at its discretion, has the right to liquidate positions in your account to meet a margin call 9 . If exercise or assignment involves taking a short stock position, you need a margin account and sufficient funds in the account to cover the margin requirement.
  • Short equity positions are risky business . An uncovered short call or long put, if assigned or exercised, will result in a short stock position. If you're short a stock, you have potentially unlimited risk because there's theoretically no limit to the potential price increase of the underlying stock. There's also no guarantee the brokerage firm can continue to maintain that short position for an unlimited time period. So, if you're a newbie, it's generally inadvisable to carry an options position into expiration if there's a chance you might end up with a short stock position.

A note on pin risk : It's not common, but occasionally a stock settles right on a strike price at expiration. So, if you were short the 105-strike calls and XYZ settled at exactly $105, there would be no automatic assignment, but depending on the actions taken by the option holder, you may or may not be assigned—and you may not be able to trade out of any unwanted positions until the next business day.

But it goes beyond the exact price issue. What if an option is ITM as of the market close, but news comes out after the close (but before the exercise decision deadline) that sends the stock price up or down through the strike price? Remember: The owner of the option could submit a DNE request.

The uncertainty and potential exposure when a stock price and the strike price are the same at expiration is called pin risk. The best way to avoid it is to close the position before expiration.

The decision tree: How to approach expiration

As expiration approaches, you have three choices. Depending on the circumstances—and your objectives and risk tolerance—any of these might be the best decision for you.

1. Let the chips fall where they may.  Some positions may not require as much maintenance. An options position that's deeply OTM will likely go away on its own, but occasionally an option that's been left for dead springs back to life. If it's a long option, the unexpected turn of events might feel like a windfall; if it's a short option that could've been closed out for a penny or two, you might be kicking yourself for not doing so.

Conversely, you might have a covered call (a short call against long stock), and the strike price was your exit target. For example, if you bought XYZ at $100 and sold the 110-strike call against it, and XYZ rallies to $113, you might be content selling the stock at the $110 strike price to monetize the $10 profit (plus the premium you took in when you sold the call but minus any transaction fees). In that case, you can let assignment happen. But remember, assignment is likely in this scenario, but it is not guaranteed.

2. Close it out . If you've met your objectives for a trade, then it might be time to close it out. Otherwise, you might be exposed to risks that aren't commensurate with any added return potential (like the short option that could've been closed out for next to nothing, then suddenly came back into play). Keep in mind, there is no guarantee that there will be an active market for an options contract, so it is possible to end up stuck and unable to close an options position.

The close-it-out category also includes ITM options that could result in an unwanted long or short stock position or the calling away of a stock you didn't want to part with. And remember to watch the dividend calendar. If you're short a call option near the ex-dividend date of a stock, the position might be a candidate for early exercise. If so, you may want to consider getting out of the option position well in advance—perhaps a week or more.

3. Roll it to something else . Rolling, which is essentially two trades executed as a spread, is the third choice. One leg closes out the existing option; the other leg initiates a new position. For example, suppose you're short a covered call on XYZ at the July 105 strike, the stock is at $103, and the call's about to expire. You could attempt to roll it to the August 105 strike. Or, if your strategy is to sell a call that's $5 OTM, you might roll to the August 108 call. Keep in mind that rolling strategies include multiple contract fees, which may impact any potential return.

The bottom line on options expiration

You don't enter an intersection and then check to see if it's clear. You don't jump out of an airplane and then test the rip cord. So do yourself a favor. Get comfortable with the mechanics of options expiration before making your first trade.

1 Describes an option with intrinsic value (not just time value). A call option is in the money (ITM) if the stock price is above the strike price. A put option is ITM if the stock price is below the strike price. For calls, it's any strike lower than the price of the underlying equity. For puts, it's any strike that's higher.

2 Describes an option with no intrinsic value. A call option is out of the money (OTM) if its strike price is above the price of the underlying stock. A put option is OTM if its strike price is below the price of the underlying stock.

3 An options contract gives the owner the right but not the obligation to buy (in the case of a call) or sell (in the case of a put) the underlying security at the strike price, on or before the option's expiration date. When the owner claims the right (i.e. takes a long or short position in the underlying security) that's known as exercising the option.

4 Assignment happens when someone who is short a call or put is forced to sell (in the case of the call) or buy (in the case of a put) the underlying stock. For every option trade there is a buyer and a seller; in other words, for anyone short an option, there is someone out there on the long side who could exercise.

5 A call option gives the owner the right, but not the obligation, to buy shares of stock or other underlying asset at the options contract's strike price within a specific time period. The seller of the call is obligated to deliver, or sell, the underlying stock at the strike price if the owner of the call exercises the option.

6 Gives the owner the right, but not the obligation, to sell shares of stock or other underlying assets at the options contract's strike price within a specific time period. The put seller is obligated to purchase the underlying security at the strike price if the owner of the put exercises the option.

7 When the stock settles right at the strike price at expiration.

8 Margin is borrowed money that's used to buy stocks or other securities. In margin trading, a brokerage firm lends an account owner a portion of the purchase price (typically 30% to 50% of the total price). The loan in the margin account is collateralized by the stock, and if the value of the stock drops below a certain level, the owner will be asked to deposit marginable securities and/or cash into the account or to sell/close out security positions in the account.

9 A margin call is issued when your account value drops below the maintenance requirements on a security or securities due to a drop in the market value of a security or when a customer exceeds their buying power. Margin calls may be met by depositing funds, selling stock, or depositing securities. Charles Schwab may forcibly liquidate all or part of your account without prior notice, regardless of your intent to satisfy a margin call, in the interests of both parties.  

Just getting started with options?

More from charles schwab.

options assignment lottery

Today's Options Market Update

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Weekly Trader's Outlook

options assignment lottery

Intro to Put Ratio Options Spreads

Related topics.

Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled " Characteristics and Risks of Standardized Options " before considering any options transaction. Supporting documentation for any claims or statistical information is available upon request.

With long options, investors may lose 100% of funds invested. Covered calls provide downside protection only to the extent of the premium received and limit upside potential to the strike price plus premium received.

Short options can be assigned at any time up to expiration regardless of the in-the-money amount.

Investing involves risks, including loss of principal. Hedging and protective strategies generally involve additional costs and do not assure a profit or guarantee against loss.

Commissions, taxes, and transaction costs are not included in this discussion but can affect final outcomes and should be considered. Please contact a tax advisor for the tax implications involved in these strategies.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Short selling is an advanced trading strategy involving potentially unlimited risks and must be done in a margin account. Margin trading increases your level of market risk. For more information, please refer to your account agreement and the Margin Risk Disclosure Statement.

options assignment lottery

  • Options Income Mastery
  • Accelerator Program

MODULE 9 – HOW TO DEAL WITH EARLY ASSIGNMENT

First it is important to note that early Assignment is only an issue for American style options.

If you are trading Iron Condors on the indexes (RUT, SPX, NDX and MNX), you do not even need to worry about early assignment.

These are European Options and are cash settled. Contrastingly for ETF’s (IWM, SPY and QQQ) and single stock options there is a risk of early assignment.

Despite this in this module we will explain the risk of early assignment is almost inconsequential.

In fact, assignment when it happens can be an exceptionally good thing.

The reason why American options are almost never exercised before expiration is to do with the characteristics of an option itself.

An option has two sources of value, intrinsic and extrinsic value. Intrinsic value is the value of the option if it is exercised today, extrinsic value is the time value of the option.

The important thing about an option is that the extrinsic or time value must be equal or greater than 0.

Thus, exercising options voluntarily removes the extrinsic value for the buyer.

There are few reasons options are exercised before expiration because of this.

Generally, options could potentially be exercised early when they are deep ITM and have almost no extrinsic value left.

This can sometimes happen with dividends if an investor would prefer to exercise and receive the dividend as opposed to continue to hold the call on a deep ITM option.

Another reason might be if a large institution had an exceptionally large position, it might be cheaper to exercise early than to sell the position in the options market and pay the bid / ask spread on a less liquid underlying.

A deep ITM option can sometimes also be exercised if the borrowing rate becomes attractive.

All these are rare and even more rare is an option exercised with a lot of extrinsic value left. If this happens you won the lottery.

Despite this, depending how margin is calculated at your brokerage you may be left with a margin call.

In this case simply sell or buy back the assigned shares and sell back the other leg of the option.

The other main assignment risk, which happens more often occurs on expiration day.

This occurs when a options short leg is exactly At The Money. In this case it can become unclear whether assignment will occur.

As American Options trade after hours on Friday this can sometimes lead to some surprise assignments come Monday morning.

In this case the best way to avoid the risk of assignment is to simply close out the position on the day of expiry.

Traders that want to learn more about options assignment and exercise, should read this article.

In the 10th and final Module in the iron condor course, we will be looking at whether we should trade iron condors on indexes or ETF’s.

options assignment lottery

Options University 10: Spreads – Exercise and Assignment

Video summary (1 and a half minutes).

The closing price of the stock on expiry establishes which options finish in the money and subject to exercise or assignment or those that finish out of the money, and worthless. Because option spreads involve both buying and selling of options, if the entire spread finishes out of the money, it either expires worthless, with nothing exercised or assigned. If a spread finishes completely in the money, it expires at its max value, with the options exercised and assigned, canceling each other out, and profits or losses determined. However, if only part of a spread is in the money, the position runs the risk of being assigned or auto-exercised and a resulting stock position may occur. Therefore many investors close spreads before expiry, if only part of the spread is in the money, or if the stock is close enough to the spread that that may occur.

COMPLEMENTARY READING

  • Glossary of Options Trading Terms
  • 6 Option Spreads Explained (Videos)

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The grand prize was last won in December, when two tickets in California split a $394 million windfall.

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Fall 2024 Housing Selection

Housing Selection for Fall 2024 starts in February 2024 and will continue throughout the Spring and Summer. 

Options for Fall 2024 Housing include:

Cluster housing .

  • For groups of 3, 4, 5, 6, 7, or 8 individuals who want to live together

Interest & Identity Housing

  • Theme-based community options for students to live with people who share similar identities, backgrounds, interests and passions

Housing Lottery Participation

  • Participate in the general Housing Lottery held on specific days for the Class of 2025, 2026, and 2027.

Event Space Housing Options

  • Main Street Village Event House 
  • Reimert Lottery

Suite/Apartment House Options

  • New Suite & Apartment Lottery
  • North Suite & Apartment Lottery
  • Richter Suite & 201 Apartment Lottery

Medical Accommodations Housing

  • Must be pre-approved with the Office of Disability & Access .

Lottery Numbers

Class year and lottery numbers are used in each process to determine the order in which students select or are assigned to rooms. All students should confirm their lottery number below:

  • Class year and lottery numbers are key factors in housing selection.
  • Class year is determined by the student’s college entry year, not course credits.
  • Lottery numbers are randomly computer-generated.
  • Lottery numbers are non-transferable; they cannot be traded, sold, exchanged, or given to other students.
  • Students with holds may be unable to participate in the housing lottery and should consult with Student Financial Services . 
  • Example - A student in the class of 2025 with lottery number 870 has priority of a student in the class of 2026 with lottery number 46. 

Roommates and Anchors

There are a very limited number of single rooms in upperclass housing, and students should be prepared to have a roommate. Students are responsible for finding potential roommates prior to housing selection and general lottery. 

Anchor Selection and Roommate Groups:

The Anchor (sometimes known as Group Leader) is the individual within a roommate group, suite, or apartment application with the highest class year and the lowest lottery number.

The Anchor assumes the responsibility of selecting housing for the entire group. Once the roommate group is set up, the Anchor/Group Leader will have the authority to assign all members to their respective beds within the room, suite, or apartment.

  • All students are required to login to StarRez to complete their contact and ensure they are accepted into their intended roommate group.

To ensure acceptance into their intended roommate group, all students must log in to StarRez, complete emergency contact information, and sign their housing contract. 

Room Occupancy

All rooms chosen in the housing process must be occupied to full capacity. Students cannot select a double or triple occupancy room without having a roommate group matching that size space (two roommates for double, or three roommates for triple).

A student without a roommate cannot choose a double occupancy room. Double and triple rooms will not be shown or available on StarRez unless students have a confirmed roommate group.

Students who do not have a roommate prior and cannot fill a room will be placed on the wait list.

Residence Life reserves the right to adjust room capacities and other restrictions as needed throughout the process.

Unless a designated single room is selected, all students should anticipate having a roommate.

StarRez Housing Software

All housing selection processes will be facilitated through the StarRez platform. StarRez is an online housing database where students will apply for housing using their Ursinus Single Sign-On credentials.

Click here to visit the StarRez site now!

Students seeking housing can log into StarRez at any time to review their personal details and emergency/missing contact information. Any updates to this information should be made via the Student Portal  which will be reflected in StarRez. Once that information is verified, students will have access to each housing selection application. 

Roommate Information for StarRez:

  • In order to select housing on behalf of yourself and your roommates and suitemates, students must be part of a Roommate Group  in StarRez.
  • The designated Anchor of the group (also referred to as the “ Group Leader ” in StarRez) should initiate the creation of the roommate group in StarRez.
  • Anchor is the person in your group with the highest class year and lowest lottery number. 

All other students should accept the invitation to join this roommate group. The Group Leader will generate a unique username and password, which must be shared with all group members for enrollment.

Once the roommate group is established, the Anchor/Group Leader will have the authority to assign all members to their respective beds within the room, suite, or apartment.

Time Slots:

  • Time slots are assigned through StarRez go in class year and lottery order. 
  • Students will be assigned a designated time slot to select their housing assignment, which will be available to view under the Housing Application Selection page in StarRez. See below for an  example:

Assigned Time Slots in StarRez will appear at the top of the Housing Application page.

Where to Learn More and Ask Questions

Ra hall meetings .

RA Hall Meetings are happening between February 25-March 1. Your RA will reach out with more information on when and where your hall meeting is happening.

Fall Housing Information Sessions

Wednesday, February 28 7:15 & 8:15 PM in Olin Aud Mandatory Event Housing Meeting and Cluster Info

Tuesday, March 12 4:30 p.m. in TBA General Info Session

Wednesday, April 10 12:00 p.m. in TBA Class of 2027 Lottery Info Session

Residence Life Housing Office Hours

Housing applications for fall 2024, event space lotteries .

Event Space Lottery image

All Main Street Village and Reimert event spaces will be allocated through the Event Space Lottery.

  • Main Street Village Event Lottery and Reimert Lottery are distinct selection processes, but both use the same application within StarRez.
  • Groups participating in the Event Space Lotteries must complete the Event Space Application by Monday, March 11, at 1:00 p.m. Application acceptance will be determined based on anchor lottery number, and groups will be notified the same day if they are accepted. 

Students in accepted groups commit to residing in their Event Spaces for the 2024-2025 Academic Year. Students who participate in Event Space Lotteries will forfeit the opportunity to participate in any other Housing Selection process.

Event Space APPLICATION

Main Street Village Event Space:

  • Applicants will be notified of acceptance on Monday, March 11. 
  • The Anchor has until Tuesday, March 12 , at 9:00 a.m. to select rooms for their roommate group in the approved house.
  • Once an application is accepted, the Main Street Village Event Space group assignment is final.

Reimert Suite Lottery:

Anchors will be notified of acceptance on Monday, March 11.

The Anchor will select a suite on behalf of the roommate group through StarRez on Wednesday, March 13 , during their designated time slot. 

Once accepted, the Reimert Event Space group assignment is final.

Reimert groups must consist of 8 students who will live in 4 double rooms as well as two alternates who commit to relocating to Reimert if the suite cannot remain filled. 

Suites must remain occupied throughout the academic year; failure to do so results in ineligibility for the Event Space Lottery the following year.

Full details, requirements, and procedures are outlined in the application.

Suite & Apartment Lottery 

Suite & Apartment Lottery

The Suite & Apartment Lottery is ideal for students who are specifically interested in residing in a suite in New, North, or Richter Hall, or living in an apartment at 201 9th Avenue. Students will apply as a group for either a suite or an apartment, depending on the number of students in their roommate group.

  • Suite & Apartment Lottery Applications are due by Monday, March 11 , at 1:00 p.m.
  • Application acceptance will be determined based on anchor lottery number, and groups will be notified the same day if they are accepted.
  • Students in accepted groups commit to residing in their Suites/Apartments the 2024-2025 Academic Year. Students who participate in the Suite/Apartment Lotteries will forfeit the opportunity to participate in any other Housing Selection process.

SUITE/APARTMENT APPLICATION

The chart below shows the number and type of suites or apartments available in each building, including the breakdown of bedrooms in each:

Cluster housing application

This popular option is best for students looking to live in close proximity, where who you live near is more important than location or specific building.

Eligible groups of 3, 4, 5, 6, 7, and 8 students can apply.

  • Only groups with Anchors in the Class of 2025 OR students with approved medical accommodations for a single are eligible to apply for cluster groups of 3, 5, and 7.
  • Applications with requests for more than one single room will not be accepted.
  • Space for groups of 7 and 8 is extremely limited.
  • Groups of 8 will be placed in Reimert if there are still open suites after the Reimert lottery.
  • Applications cannot request room configurations outside the provided options.

Cluster Applications must include:

  • Roommate pairs indicated.
  • Designation of who will live with each other.
  • Clarification of who is living in a single room if applicable.

While preferences are considered, they are not guaranteed. It is recommended that applicants maximize all possible communities and houses they would consider living in to optimize their chance of acceptance.

Accepted cluster groups will be manually assigned rooms by the Office of Residence Life staff based on class year, lottery number, and housing availability. Placement is not guaranteed, and cluster applicants not accepted or with limited preferences on where they would live may be released back into the general housing lottery. Applications are due Monday March 18 at 1p.m.

Cluster Housing Application Form

Breakdown of Clusters by Room Types:

Clusters of 3: One double room and one single room.

  • Anchor must be a member of the Class of 2025 OR a group member must have an approved single room accommodation.

Clusters of 4: Two double rooms.

Clusters of 5: Two double rooms and one single room.

Clusters of 6: Three double rooms.

Clusters of 7:  Three double rooms and one single room.

  • Limited space available.

Clusters of 8: One Reimert suite of four double rooms.

  • Limited space for this option.

The Cluster Housing Application should be completed by the entire group, with the Anchor/Group Leader submitting the final application through StarRez. Applicants are encouraged to consider a variety of communities and houses to enhance their chances of acceptance.

Applicants will receive confirmations on Monday, March 25. Students who are successfully placed in housing via the Cluster Housing process forfeit their ability to participate in any other selection processes. This process completes a student’s housing selection for Fall 2024.

Review the residence hall floor plans to learn more about the specific room configuration options in the Main Street Village, Reimert, Richter/North, and New Hall.

Interest/Identity Housing 

interest/identity

Interest Housing

Interest housing provides a theme-based, vibrant community option for students to live with people who share their interests and passions. Interest communities receive funds for events related to the community theme. All Interest Housing rooms and restrooms are gender inclusive.

  • Communities for 2024-2025 include Writing & Arts House, International House, Clubs and Intermural Sports House
  • Complete the Interest Housing Application Applications open on Monday, March 13 and are due Monday , March 20 at 1 p.m.
  • Only students accepted to live in a Interest Housing community will be able to participate in the Interest & Identity Lottery. Students will be notified of their acceptance on Monday, March 18. 
  • Accepted applicants will select their housing during Interest & Identity Lottery on Wednesday, March 20. Students who participate in the Interest & Identity Lottery forfeit their ability to participate in any other selection processes. This process completes a student’s housing selection for Fall 2024.

Identity Housing

Identity Housing offers students the opportunity to live in community with peers who self-identify with a unique cultural group on campus. Identity House communities receive funds for events related to the community identity. All Affinity rooms and restrooms are gender inclusive.

  • Communities for 2024-2025 are Hillel House, Queer House, the Community of Diverse Excellence (CODE House), and AAPI House. 
  • Complete the Identity Housing Application Applications open on Monday, March 13 and are due Monday , March 20 at 1 p.m.
  • Only students accepted to live in an Affinity community will be able to participate in the SPINT/Affinity lottery. Students will be notified of their acceptance on Monday, March 20.
  • Accepted applicants will select their housing during SPINT/Affinity Lottery on Wednesday, March 22. Students who participate in the SPINT/Affinity lottery forfeit their ability to participate in any other selection processes. This process completes a student’s housing selection for Fall 2023.

General Lottery

General Lotteries

Students must fill a room to select a room at lottery. Students can also use the Roommate Match feature on the StarRez website to help solidify a roommate pair for the academic year! 

Before your lottery:

  • Tour Main Street Village to learn more about the Residential Village . If you aren’t sure what buildings you prefer or haven’t seen the houses, now is your chance! Residence Life staff will provide opportunities to see select houses and rooms during Main Street Village Tours. Houses have a variety of features, gender designations, and other amenity information which is also viewable on the Residential Village page. Please continue to check your Ursinus email for more updates on tour information. 
  • Open rooms will be available to view on StarRez prior to selection being open. 
  • Select a proxy if you cannot attend your lottery. A proxy either be another person in your roommate group, and you can change who the Group Leader in through StarRez while still keeping your same Time Slot. If you are selecting for a single and need a proxy, please reach out to Residence Life at 
  • A proxy chooses your room for you, and their choice is final. Your proxy must receive permission from you via your Ursinus e-mail, and be CCed in that message to Residence Life ( [email protected] ). Residence Life will need this as proof of proxy before a proxy can select a room. 
  • Students can view their specific date and time to select a room in accordance with the timeline of their housing selection process via StarRez. For application-based processes, students must follow all timeline details and be accepted to that process in order to participate. This will also determine the date and time of students’ housing selection.
  • Ensure your eligibility to participate in lottery by taking care of holds on your student account now.

Off-Campus and Commuter Status

All students are guaranteed housing for all four years of their time at Ursinus. Since Fall 2018, Ursinus adopted on-campus residency requirement, meaning students must live on-campus for all four years. Off-Campus status is for students living independently off-campus, not in the residence halls. Commuter Status is for students living at and commuting from their parent and/or legal guardian’s home.

  • Apply for Off-Campus or Commuter status
  • Meet with Financial Aid to determine how a change of residency status may impact your aid package.
  • Understand that off-campus and commuter students are not eligible for an on-campus mailbox.
  • Notify Residence Life of your intent to live off-campus or commute.
  • Students with a residency status of off-campus or commuter may not participate in housing selection.

Important Policies

  • Air Conditioners : Reimert, Richter/North Hall, New Hall, 777 Main, Cloake, Elliott, Musser, and Wicks have central air. Window units are prohibited in these halls. If you require a window unit, you must choose another housing option.
  • All Selections are Final : Once you select a room/suite during the housing selection process, you may not participate in any other part of these processes and your selection is final. This includes Event Space Lottery, Suite/Apartment Lottery, Interest/Identity Lottery, Cluster Housing, and all other lottery processes. Students may not make changes during or after a lottery process, or during the first two weeks of a semester. .
  • Communication of Intent : Students who have not selected a room or confirmed an intention to live on campus in writing by April 30  will be administratively housed during the summer after the incoming class.
  • Consolidation : Residence Life reserves the right to reassign and/or consolidate students to address housing needs. Students in rooms with vacancies may be relocated or assigned a roommate at any time. 
  • Floor Plans : Floor plans are available on the website .  Students should consider room types, sizes, locations, and configurations prior to lottery. 
  • Gender Inclusive Housing : Gender inclusive housing means that students of any gender identity or expression may occupy the same room and use any restroom. Interest and Identity communities, Todd Hall, Zwingli Hall, Reimert Hall, Richter/North Hall, & New Hall are designated as gender inclusive for the 2024-2025 academic year. Students seeking other gender inclusive accommodations may contact Residence Life staff for assistance.
  • Housing Accommodation Requests : Students seeking housing accommodations for the first time should 
  • Student approved for a medical accommodation may participate in special housing selection processes (Event Space, Suite & Apartment, Interest and Identity, Cluster). Students with medical accommodations will be accepted to these special housing selection process based on (1) the requirements of each process, and (2) the class year & lottery number of their group anchor.
  • All other students with medical accommodations may participate in the  Medical Accommodations L ottery on Wednesday April 3. More details about this process will be sent to students with approved medical accommodations.
  • Non-Event Floors and Houses : Students who choose non-event floors/houses commit to 24-hour courtesy hours. These locations may not register social events.
  • Room Cancellation Fee : Students who choose a room during this process and later decide not to live on campus may be charged a $500 cancellation fee.
  • Room Occupancy Requirements : All rooms/suites selected in the housing process must be filled to full occupancy. Students should expect to have a roommate unless they select a designated single. Residence Life reserves the right to change room capacities and other restrictions throughout the process based on needs. Students who do not select a roommate prior to lottery and cannot fill a room will be placed on the wait list.
  • Student Handbook Policies : All students living in residence halls must abide by Student Handbook policies.
  • Students Studying Abroad/Away in Fall 2024 : Students who plan to study abroad or away for the Fall 2024 semester are not eligible to select housing at this time. Students returning to campus for the Spring semester will have their housing confirmed in January prior to their return to campus. 
  • Unauthorized Room Changes and misrepresentation during housing selection : Any student involved in an unauthorized room change or violation of housing selection processes may forfeit their lottery selection, be fined $100, or administratively relocated. A second offense may result in a $500 fine, relocation, and the inability to participate in next year’s Lottery Process. Any room change made without the written permission of Residence Life staff will be considered an unauthorized room change.  

It is possible that some students may not secure a room during housing lottery. Students who have not selected housing during housing selection will be placed on a wait list. Students may not opt into the wait list. The College guarantees housing for all students for all four years, and students on the wait list will have assignments in August prior to their arrival to campus with efforts made to accommodate roommate requests. Additional details will be provided to affected students in May following Commencement.

Tel: 610-409-3590 Email the Office

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Top 20 Facts about the City of Moscow

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Moscow Metro- by A.Savin - Wikimedia Commons

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20 facts about the city of moscow, 1. moscow’s oldest surviving building is more than 550 years old.

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Assumption Cathedral – Wikimedia Commons

2. The world’s largest medieval fortress is found in Moscow

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Moscow Kremlin on foreground- by Pavel Kazachkov- Wikimedia Commons

3. Moscow hosts Russia’s largest zoo

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Moscow Zoo entrance- by A.Savin – Wikimedia Commons

4. Trains with the most frequency in the world are found in Moscow

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Moscow Metro- by A.Savin – Wikimedia Commons

 5. The City of Moscow hosts the World’s second-largest library

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Russian State Library main building interior- by A.Savin – Wikimedia Commons

6. The City of Moscow is home of the Babushka doll

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Babushka dolls variety- by Ph. Saget – Wikimedia Commons

7. The City of Moscow hosts the world’s largest university building

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Moscow State University- by Dmitry A. Mottl- Wikimedia Commons

8. The City of Moscow hosts one of the largest urban parks in the world

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Visitor at Izmailovo Park- by Kristy2906 -Wikimedia Commons

9. Europe’s largest botanical garden is found in Moscow

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Moscow’s Botanical Garden- by AlixSaz- Wikimedia Commons

10. The City of Moscow boasts 7 identical skyscrapers

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Seven Sisters side by side pictures- by okruz- Wikimedia Commons

11. The City of Moscow FBI buildings were once torture chambers

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Peasants tortured by Saltykova- by P. V. Kurdyumov – Wikimedia Commons

12. The first man in space was buried in Moscow

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Yuri Gagrin- by P. V. Kurdyumov- Wikimedia Commons

13. Victory Obelisk is Moscow’s highest Monument

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Victory Obelisk- by GAlexandrova- Wikimedia Commons

14. Moscow has an underground river

15. moscow’s stray dogs can navigate the metro, 16. lenin’s corpse is preserved in a mausoleum in moscow’s red square.

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Lenin Mausoleum at the Red Square- by NVO- Wikimedia Commons

17. The largest bell in the world is found in the City of Moscow

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Tsar Bell- by W. Bulach- Wikimedia Commons

18. The City of Moscow has billionaire residents

19. old moscow was segregated, 20. the city of moscow and england share an insignia.

St. George on Horseback slaying the dragon- by W. Bulach- Wikimedia Commons

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IMAGES

  1. Options Assignment Explained

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  2. Options: Exercise & Assignment [Guide]

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  3. Options Assignment Explained

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  4. Lotto Options Contracts

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  5. Options Assignment

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  6. Assignment Guarantee and Priorities

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VIDEO

  1. LOTTODDS.COM: Additional Color Options Added Match3Colors

  2. Midweek lotto… position plan TWO SURE ✌🏾✌🏾💯

  3. Unleashing the Power of Lotto Friday: How to Make an Incredible 775% Profit Day Trading Options!

  4. How To Manage Early Options Assignment

  5. Buying lottery #shortvideo

  6. Options Trading 😍 30,000 Profit’s 🔥#shorts #viral #intradaytrading #forextrading🔥

COMMENTS

  1. Trading Options: Understanding Assignment

    An option assignment represents the seller's obligation to fulfill the terms of the contract by either selling or buying the underlying security at the exercise price. This obligation is triggered when the buyer of an option contract exercises their right to buy or sell the underlying security.

  2. Options Assignment Explained (2024): Complete Trader's Guide

    Think of it this way: You've got a ticket (option) to a show (buy or sell an asset). You decide if and when to attend. When you make the move, that transition is the options assignment. There are two main types of option assignments: Call Option Assignment: Triggered when a call option holder exercises their right.

  3. Options Basics: How the Option Assignment Process Works

    Due to the lottery-like nature of the process, it is almost impossible to predict when an investor's option may be assigned. 2 Categories of Options to Understand As a brief summary, let's go...

  4. Option Contract Terms: Exercise, Assignment, Delivery, and Settlement

    Assignment. Once the owner of an option contacts their broker to exercise it, an option seller (or "writer") with an open short position—perhaps you, if you hold a short position—in the same contract will be assigned (through a sort of lottery system) to deliver the underlying shares. Option sellers take on the obligation to potentially ...

  5. How Option Assignment Works: Understanding Options Assignment

    May 26, 2023 — 08:00 am EDT Written by [email protected] for Schaeffer -> Options assignment is a process in options trading that involves fulfilling the obligations of an options...

  6. Option Exercise and Assignment Explained w/ Visuals

    As you can see, exercise and assignment is pretty straightforward: when an option buyer exercises their option, they purchase (calls) or sell (puts) 100 shares of stock at the strike price. A trader who is short the assigned option is obligated to fulfill the opposite position as the option exerciser. Automatic Exercise at Expiration

  7. Everything You Need to Know About Options Assignment Risk

    By Pat Crawley February 21, 2023. assignment; The fear of being assigned early on a short option position is enough to cripple many would-be options traders into sticking by their tried-and-true habit of simply buying puts or calls. After all, theoretically, the counterparty to your short options trade could exercise the option at any time, potentially triggering a Margin Call on your account ...

  8. Home / Application Process

    Parents/guardians who only made a special transfer option choice will electronically receive notification of the special transfer option lottery results. Parents may cancel a magnet or special transfer option assignment during the summer by sending an email to [email protected] or in person at the Office of School Choice. You will ...

  9. How to exercise, roll, and assign options

    Managing an options trade is quite different from that of a stock trade. Essentially, there are 4 things you can do if you own options: hold them, exercise them, roll the contract, or let them expire. If you sell options, you can also be assigned. If you are an active investor trading options with some percentage of your overall investment ...

  10. What Is Option Assignment & How Does It Work?

    An options assignment happens when the holder exercises a contract. The OCC then randomly allocates this assignment to brokerage firms that have account holders who are short that contract. The brokerage firms then use their own rules and processes to allocate the assignment to a specific holder.

  11. Assignments in Options Trading

    In options trading, an assignment occurs when an option is exercised. As we know, a buyer of an option has the right but not the obligation to buy or sell an underlying asset depending on what option they have purchased. When the buyer exercises this right, the seller will be assigned and will have to deliver or take delivery of what they are ...

  12. What Is an Option Assignment?

    Assignment is relatively rare, with only 7% of options ultimately getting assigned. Definition and Examples of Assignment An assignment represents the seller of an option's obligation to fulfill the terms of the contract by either selling or purchasing the underlying security at the exercise price. Let's explain what that means in more detail.

  13. Assignment: Definition in Finance, How It Works, and Examples

    A wage assignment is a forced payment of an obligation by automatic withholding from an employee's pay. Courts issue wage assignments for people late with child or spousal support, taxes, loans,...

  14. What is Option Assignment? How and Why Assignment Happens

    Option assignment is when an option seller is required to fulfill the obligation of the option per the contract's terms. If an option buyer exercises their right to buy or sell shares of stock at the strike price, the option seller must honor this request and fulfill their obligation. Option buyers have the right to exercise an option at any time.

  15. Options Assignment

    Try now for just $1! Options Assignment Prior to Expiration Options assignment prior to expiration, or early assignment, is completely random and might happen as long as you hold short in the money options . Alot of options beginners like to ask "what happens if the holder of the options that I sold (wrote) exercise the options?"

  16. Ready for Options Trading? Make Sure You Understand Assignment First

    An option assignment represents the seller's obligation to fulfill the terms of the contract by either selling or buying the underlying security at the exercise price. This obligation is...

  17. Former AL batting champion Tim Anderson would get a $500,000 assignment

    JUPITER, Fla. (AP) — Former AL batting champion Tim Anderson would get a $500,000 assignment bonus if traded during this season by the Miami Marlins. Anderson was guaranteed $5 million under the ...

  18. Options Exercise, Assignment, and More: A Beginner's Guide

    March 15, 2023 Beginner Learn about options exercise and options assignment before taking a position, not afterward. This guide can help you navigate the dynamics of options expiration. So your trading account has gotten options approval, and you recently made that first trade—say, a long call in XYZ with a strike price of $105.

  19. Nets Sign Knicks G Leaguer Jaylen Martin

    The Nets (21-33) are working through their first full season since moving on from their core led by Kevin Durant and James Harden. Brooklyn lost 18 of its final 24 under Vaughn, including a 50 ...

  20. Understanding Options Assignment: What It Means and How to Respond

    Some Quick Definitions. Exercise — When an option contract is executed by the option buyer. Assignment — What happens to shares of an option contract. As an option seller, you can be assigned 100 long shares of stock per put option contract and 100 short shares of stock per call option. Call Option — Gives the owner the right to call (buy ...

  21. MODULE 9

    | Options Trading IQ MODULE 9 - HOW TO DEAL WITH EARLY ASSIGNMENT First it is important to note that early Assignment is only an issue for American style options. If you are trading Iron Condors on the indexes (RUT, SPX, NDX and MNX), you do not even need to worry about early assignment. These are European Options and are cash settled.

  22. Options University 10: Spreads

    Video Summary (1 and a half minutes) The closing price of the stock on expiry establishes which options finish in the money and subject to exercise or assignment or those that finish out of the money, and worthless. Because option spreads involve both buying and selling of options, if the entire spread finishes out of the money, it either ...

  23. New Orleans Pelicans Lose Alvarado to Suspension For Tuesday Tilt vs

    The New Orleans Pelicans will be missing one of their reserves for their Tuesday night visit to Madison Square Garden. Jose Alvarado was one of five players disciplined by the NBA on Sunday for ...

  24. Official 2024 Ticket Lottery Results Thread

    Discussion Official 2024 Ticket Lottery Results Thread Author Date within 1 day 3 days 1 week 2 weeks 1 month 2 months 6 months 1 year of Examples: Monday, today, last week, Mar 26, 3/26/04

  25. Mega Millions jackpot edges closer to $600M

    The one-time cash option is now worth $265.4 million. ... The winning Mega Millions numbers from Friday night were 4, 6, 40, 41 and 60 and the Mega Ball 11, the lottery said.

  26. Fall Housing Selection

    Suite/Apartment House Options. New Suite & Apartment Lottery North Suite & Apartment Lottery Richter Suite & 201 Apartment Lottery ... Students will be assigned a designated time slot to select their housing assignment, which will be available to view under the Housing Application Selection page in StarRez. See below for an example:

  27. Top 20 Facts about the City of Moscow

    Moscow is a city that's built on swamps! This is where its name is actually derived from, meaning 'wet'. These top 20 facts about the city of Moscow are fascinating and sometimes surprising. 1. Moscow's oldest surviving building is more than 550 years old. Assumption Cathedral - Wikimedia Commons.

  28. Moscow Hotel

    Moscow Hotel - Dubai, Dubai, United Arab Emirates. 10,461 likes · 8 talking about this · 9,024 were here. Moscow Hotel is a modern 4 star concept located in the heart of Deira, just 10 minutes away...

  29. Russian Court Extends Pre-Trial Detention for US Journalist Evan

    May 23, 2023 12:54 PM. By Liam Scott. FILE - U.S. journalist Evan Gershkovich, arrested on espionage charges, stands in a defendants' cage at Moscow City Court in Moscow, April 18, 2023. The U.S ...