Rules behind the answers

• The OCC automatically exercises expiring equity options that are $0.01 or more in the money, unless the holder gives other instructions.
• Holders may submit exercise instructions after the 4:00 PM ET close up to the OCC and broker cutoffs, which is where pin risk comes from.
• American-style equity options can be exercised any day before expiration.
• Read the OIC (optionseducation.org) and the Characteristics and Risks of Standardized Options booklet for the full rules.

See yesterday's scenario