Interactive Brokers

Mal eine Frage an die Option-Trader:

Folgendes Szenario:
Ich habe einen AAPL 120/100 Put Spread am Start und am Verfallstag steht AAPL bei 110, d.h. der Short Put ist ITM, aber der Long Put OTM.

Was passiert nun konkret bei Verfall?
Es ist mir schon klar, dass der 120er Put ausgeübt wird.
Aber die Frage hierbei ist: Muss ich dafür tatsächlich 12000$ an Cash im Account vorhalten, oder übt IB dann einfach automatisch den 100er Long Put aus (obwohl OTM), so dass ich die 12000$ an Cash nicht bräuchte? Konkreter: Bezieht IB es automatisch mit ein, dass der nun zur Ausübung anstehende Short Put ja durch den Long Put abgesichert ist und rechnet das automatisch gegen, so dass es erst gar nicht zu einer Transaktion der Aktien im Werte von 12000$ kommt?

Hintergrund der Frage:
Wenn ich sagen wir 10000$ im Account hab (Margin mal ausgeklammert) und ich handel z.B. 5 solcher Spreads zeitgleich (wobei ja für einen Spread ja "nur" ca. 2000$ Margin zu hinterlegen sind) und nun kommt es zum Worst-Case und bei allen 5 Spreads liegt oben skizziertes Szenario an... Müsste ich dann Cash für die 5x 12000$ im Account haben, oder rechnet IB den Long Leg gegen und das ganze löst sich in wohlgefallen auf? Weil schlussendlich könnte ich ja einfach hergehen und die OTM-Optionen manuell ausüben, dann wär ich die Aktien ja auch wieder los...

Wenn beide Optionen ITM sind, weiß ich, dass IB dann beide automatisch ausübt.... da hätte man so gesehen kein "Problem". Mir geht es um diesen "Sonderfall", wo zum Verfall der Preis des UL genau zwischen den Strikes steht... Ich hoffe, ihr wisst was ich meine...

https://www.fidelity.com/learning-center...hort%20put.

Viel Erfolg.

Potential position created at expiration

There are three possible outcomes at expiration. The stock price can be at or above the higher strike price, below the higher strike price but not below the lower strike price or below the lower strike price. If the stock price is at or above the higher strike price, then both puts in a bull put spread expire worthless and no stock position is created. If the stock price is below the higher strike price but not below the lower strike price, then the short put is assigned and a long stock position is created. If the stock price is below the lower strike price, then the short put is assigned and the long put is exercised. The result is that stock is purchased at the higher strike price and sold at the lower strike price and the result is no stock position.




Risk of early assignment
Stock options in the United States can be exercised on any business day, and holders of a short stock option position have no control over when they will be required to fulfill the obligation. Therefore, the risk of early assignment is a real risk that must be considered when entering into positions involving short options.
While the long put (lower strike) in a bull put spread has no risk of early assignment, the short put (higher strike) does have such risk. Early assignment of stock options is generally related to dividends, and short puts that are assigned early are generally assigned on the ex-dividend date. In-the-money puts whose time value is less than the dividend have a high likelihood of being assigned. Therefore, if the stock price is below the strike price of the short put in a bull put spread (the higher strike), an assessment must be made if early assignment is likely. If assignment is deemed likely and if a long stock position is not wanted, then appropriate action must be taken. Before assignment occurs, the risk of assignment can be eliminated in two ways. First, the entire spread can be closed by buying the short put to close and selling the long put to close. Alternatively, the short put can be purchased to close and the long put open can be kept open.
If early assignment of a short put does occur, stock is purchased. If a long stock position is not wanted, the stock can be sold either by selling it in the marketplace or by exercising the long put. Note, however, that whichever method is chosen, the date of the stock sale will be one day later than the date of the stock purchase. This difference will result in additional fees, including interest charges and commissions. Assignment of a short put might also trigger a margin call if there is not sufficient account equity to support the stock position.
Potential position created at expiration
There are three possible outcomes at expiration. The stock price can be at or above the higher strike price, below the higher strike price but not below the lower strike price or below the lower strike price. If the stock price is at or above the higher strike price, then both puts in a bull put spread expire worthless and no stock position is created. If the stock price is below the higher strike price but not below the lower strike price, then the short put is assigned and a long stock position is created. If the stock price is below the lower strike price, then the short put is assigned and the long put is exercised. The result is that stock is purchased at the higher strike price and sold at the lower strike price and the result is no stock position.