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Sorry hence the noob - it is okay to need the $5000 to buy the stock. OptionGuru, what do you mean by more info on the position? The option was purchased (buy) at the open.

If the stock is trading at $53 now and the price of the option is $3, do I owe $2.50 x 100 for the options contract or $3 x 100?

There is a $2.50 call option that expires in two weeks at $50 and the current price of the option is $3. If I think the stock will hit $55 around expiration, and also think it will rise further in the future so want to keep the shares, is it just done by exercising the option and closing my...