option expiration and after hours pricing

Quote from eldorado1:

wrote a 180 GLD Aug Call and didnt buy back GLD closed at 179.95 but in after hours trading its priced 180.21 - will I be assigned?

...My buying power won't be enough. Do I contact my broker about this. BTW, I have a GLD 177 Oct Call so delta's will be moderate at least
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First off, with GLD under 179 Friday AM, why didn't you close (or at least roll) this position?? The last nickel can often run you over like a Mack truck.

Hopefully you get your statement by Sunday night so you'll know if assigned. If so, I' d be on the phone with them as soon as they open to deal with this, assuming they haven't already auto-liquidated either the short position or even worse, exercised your long calls.

With adequate buying power, I'd be watching GLD in the pre-pre market Monday AM (assuming it trades then) and covering shares if it's going up.

It's so not good but stay on top of it so that you get the best possible outcome .
 
Quote from spindr0:

First off, with GLD under 179 Friday AM, why didn't you close (or at least roll) this position?? The last nickel can often run you over like a Mack truck.

Hopefully you get your statement by Sunday night so you'll know if assigned. If so, I' d be on the phone with them as soon as they open to deal with this, assuming they haven't already auto-liquidated either the short position or even worse, exercised your long calls.

With adequate buying power, I'd be watching GLD in the pre-pre market Monday AM (assuming it trades then) and covering shares if it's going up.

It's so not good but stay on top of it so that you get the best possible outcome .
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I bought it just half hour before close on Friday. wanted to make a few bucks and hadge my positive delta before the close. With 3 minutes left to trade I was going to close the position but wanted to close a long call first but TDA doesn't allow to leave a naked option in the account. (With the old TOS this was not a problem as long as there was enough buying power) tried to make up my mind what to do and even entered an order to close the whole spread instead of one option at a time but before I knew it the market closed and my order was not filled.
 
Quote from hajimow:

Two predictions:

1- Your naked calls will not be excecised
2- on Monday GLD will be down.
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Sounds good. If calls are not exercised I hope it goes up cause I'll be slightly delta positive.

Thanks all for your comments, have a successful week
 
Quote from hajimow:

Two predictions:

1- Your naked calls will not be excecised
2- on Monday GLD will be down.
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Anyone can make a prediction but that's totally worthless. What the OP needs is info on how to deal with the problem as well as a plan for what to do if assigned on his short calls as well as what to do if GLD is rising early Monday morning. A recipe for disaster is mere hope as well as being the proverbial deer in the headlights watching account value erode.
 
Quote from eldorado1:

I bought it just half hour before close on Friday. wanted to make a few bucks and hadge my positive delta before the close. With 3 minutes left to trade I was going to close the position but wanted to close a long call first but TDA doesn't allow to leave a naked option in the account. (With the old TOS this was not a problem as long as there was enough buying power) tried to make up my mind what to do and even entered an order to close the whole spread instead of one option at a time but before I knew it the market closed and my order was not filled.
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If I understand your position correctly, you had a diagonal call spread on GLD. I don't mean to beat up on you but if so, why in the world you be trying to close the long leg 3 minutes before the pinned short call's expiration? With 3 minutes to go, you should be placing a market order to close unless an assignment is acceptable/desired.

In a situation like this, as soon as I was filled on the position, I would place a closing order on the short leg for 5 cts (or if preferable, a closing order for the spread at a good price). That serves 2 purposes. One is getting out if price briefly drops to my level and the other is having the order in place so that near the close, all I would have to do is change the price to convet it to a market order (time saver). In addition, I would set a price alert/alarm 5-10 cents above my order so that if the market price was near my exit price, I could evaluate/act.
 
Quote from eldorado1:

So I guess I got assigned. Found a negative value of the ETF in my account
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How many contracts were you short? How many were you assigned? My best guess was the you were going to get assigned on 75-80%.
 
Quote from rmorse:

How many contracts were you short? How many were you assigned? My best guess was the you were going to get assigned on 75-80%.
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Just 2 units and assigned on both
 
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