RUNNER

Close a short ​

An option you wrote ends in one of three ways. You buy it back, it decays away, or a holder exercises it. Only the first is up to you.

Buy it back ​

Press CLOSE on the SELL CALL or SELL PUT row in your positions. The desk buys it back on the book and shows what it will cost before you sign. YOU PAY is the expected cost and AT MOST is the most it can cost before it refuses.

The CLOSE dialog buying back a written put: P&L, fee, YOU PAY, price impact, slippage and AT MOST.

The moment it lands, the collateral behind it is yours again.

Let it decay ​

Your obligation halves every half-life and the collateral behind it comes back to you as it shrinks. Eventually what is left is cleared.

If a holder exercises ​

You are assigned along with every other writer of that series, and paid what the holder paid in. You do not need to do anything. The proceeds and any released collateral reach your balance on their own. See Collateral and the writer pool.