How do I set my Options to "Early Exercise" or "Do Not Exercise"?

If you would like to submit an early exercise request you can do so from the app.

You must submit the request by 4:00 pm EST on a standard market day however on a half day market you must submit a request 30 minutes after that half day market close.

Any requests submitted after 4:00 pm EST will be reviewed on a best-efforts basis. On expiration day, you will not be able to submit exercise instructions.

If we are unable to process your request, you will see the cancellation result on the app and you are free to submit an instruction the next trading day.

Once you submit an exercise instruction your option will be frozen until the instruction has been submitted.

You must maintain sufficient equity or corresponding underlying shares to support the early exercise of a call or a put option contract.

Sufficient buying power or corresponding underlying shares must be held throughout the day until the end of trading at 9:00 pm EST.

For example, if you are exercising 1 ZYX $1 Call option you will need to maintain $100 in buying power in the account until 9:00 pm on the day the exercise request is submitted.

The exercise request is processed overnight, and your position and balances will be updated on the next business day.

You may find a “DNE” button when placing Options orders or selecting your Options position. DNE stands for Do-Not-Exercise.

By enabling the "DNE" button, the Options contract will not be automatically exercised when it expires, whether In-the-Money, At-the-Money, or Out-the-Money. However, it may still be automatically liquidated on the day of expiration.

Options are complex, high risk products and are not appropriate for all investors. You may lose all of your invested capital.

For more information, please refer to：Characteristics and Risks of Standarized Options