So minor mistake hehe. Been trading options several years and never got into this situation.
I forgot to lapse 25x QQQ calls at 661 when they were OTM, bought them at final 20 min for like 5$ a piece and tried to pull fast one and sell them for 2-5x in last minutes. Then did some overnight trading with stocks and missed the instruction DL 5:30 ET.
They were OTM by 5:30 ET at lapse instructions, now they're ITM by +5.5.
Am I getting exercised by 1 AM et if they're OTM and am I getting like 25x100x667$ worth QQQ on my acc at purchase price of 25x100x661?
Kinda worried getting 1.7M$ worth QQQ coz obviously if after hours goes down by -1.5% at overnight trading, I'd be getting hit by -0.5%\*1.7M$ (now almost 1% ITM but would change at morning trading if OT trading goes down after determination DL).
If current QQQ value stands, do they execute and I have 1.7M$ QQQ which will be margin called and auto sold around 1 AM ET which still will be yielding me a lot of money?
I have like 30k$ on acc so its not gonna stand like 1.7M$ execution. Was supposed to lapse them at 5:25 ET DL by IBKR but did stuff and forgot about it.
Or do I only get assigned by amount that margin withstands and the rest is auto cash settlement? Or the remaining is null and void? Or still gets assigned into my margin?
Or does everything expire at OTM instructions as QQQ wasn't ITM at 5:30 ET?
edit: and for clarify: by submitting execution lapse/exec, they were OTM. Now they're ITM in overnight hours. What timeline actually determines ITM/OTM auto exec? Is it 5:30 PM or 1:00 AM? since my acc keeps getting several k's when QQQ goes by +1$, I'd guess they're gonna be (partially) executed as I don't have any stocks that would pull such change?
edit2: now they'd be at +7 ITM which would double my trading acc lmao, or am I getting rekt maybe in the arse
edit3: and for some minor collateral damage control, I shorted 200k$ worth of stocks in mag7. They're running on profit but my acc balance gets slightly lower probably due to those xxx worth QQQs (1.7M$?) which override my shorts by a lot since those longs lose faster in value. Also got +200k buying power which kinda looks like I'm getting a lot of money in by IBKR calculations.
edit4: this is long position, should have told it in the beginning. sorry for that.