Greeks · 7 min

Pin risk and expiration day

On expiration day, ATM options have an ambiguous outcome. Some longs exercise, some do not; some shorts get assigned, some do not. The uncertainty is a real risk.

In this lesson

How pin risk plays out
Where pin risk concentrates
Index options have no pin risk

Read the full lesson in the app

The complete lesson, with worked examples, callouts, and a quiz to test yourself, is in Iron Condor Options.

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