Options Expiration Simulator — Assignment, Exercise & What Hits Your Account (2026)
Will you be assigned? Auto-exercised? How many shares — and how much cash — actually move? Pick your position, drag the expected price, and get a plain-English verdict before expiration Friday surprises you.
1 contract = 100 shares
In the money by $5.00 per share — the OCC will auto-exercise this at expiration (≥ $0.01 ITM).
What hits your account
- You BUY 100 shares at the $100.00 strike — $10,000 is debited from your account. You need that cash (or margin), or your broker may exercise-and-sell or close the position before expiration.
- Those shares are worth $10,500 at your expected price.
Assignment & exercise exposure
You control exercise: you can submit do-not-exercise instructions through your broker before the cutoff if you don’t want the shares.
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Check priceImportant — educational tool only
- This simulator is for education, not financial advice. It models standard US equity options (100 shares/contract) at expiration only.
- Short options can be assigned early at any time they are in the money — especially around ex-dividend dates.
- Broker policies vary: many brokers close or exercise-and-sell positions you can't afford to take delivery on, and cutoff times for do-not-exercise instructions differ.
- Taxes, commissions, fees, and pin risk are not modeled.
Frequently Asked Questions
- What is options assignment?
- Assignment is what happens to the SELLER (short side) of an option when the buyer exercises. If you sold a call and it is exercised, you must deliver 100 shares per contract at the strike price; if you sold a put, you must buy 100 shares per contract at the strike. The OCC matches exercises to short positions at random through your broker, and short options can be assigned early at any time they are in the money — not just at expiration.
- When are options automatically exercised?
- The Options Clearing Corporation (OCC) automatically exercises any equity option that finishes $0.01 or more in the money at expiration — a process called exercise by exception. If your long option is even one cent ITM at the close on expiration day, it will be exercised unless you submit do-not-exercise instructions through your broker before their cutoff time.
- What happens to my cash or shares at expiration?
- An exercised long call buys 100 shares per contract at the strike (cash is debited); an exercised long put sells 100 shares per contract at the strike (cash is credited, or a short stock position is created if you do not own shares). An assigned short call delivers shares at the strike (leaving you short if you do not own them); an assigned short put buys shares at the strike (cash is debited). Out-of-the-money options simply expire worthless — premium already paid or collected is final.
- Can I avoid assignment?
- You can close (buy back) a short option any time before expiration to eliminate assignment risk — this is the only sure way. You can also roll the position to a later expiration or further strike. Watch early-assignment risk on short calls just before ex-dividend dates and on deep in-the-money shorts with little time value left. Long holders can avoid auto-exercise with do-not-exercise instructions.