An options contract gives the buyer the right, but not the obligation, to buy or sell an underlying asset at a specified price on or before a specific date. If you own options, you need to know the expiration dates to decide what to do with your contracts.
Say your call option of AAPL is now in the money (ITM); you have the right to exercise that option contract and own 100 shares of Apple at the assigned strike price.
If you want to exercise a long option on Fidelity, you need to call their customer service and request a manual exercise of your position.
Currently, that is the only way to do it.
Sufficient cash or margin is required for Fidelity to exercise your option. If you don’t have enough money to cover the cost of your purchase, Fidelity may liquidate the shares you purchased.
If you want to close out your option contract, you can do so on the Fidelity website or mobile app.
- How to Get Approved for Options Level 2 on Fidelity
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- How to Trade Zero Day Options (0DTE) on Fidelity
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