I was responding to trefoil on loosing your shirt. I don't have a problem in loosing every once in a while , it is part of doing business. What I am saying is that you should not be wiped out ever. You should never jeopardize all of you working capital ever. If you are loosing more than you are...
I agree that you can and will loose your shirt if you don't have the knowledge, discipline, training and skill. You sound like you are an experienced trader, you should know about applying strict risk management rules. You should not have to loose your shirt.
No, after you sell your stock option you do not have any obligation. Even while you hold it you still have no obligation. Options Industry Concil has some great free options courses.