Exercise

権利行使。オプションの権利を使い、権利行使価格で100株を買う（コール）または売る（プット）こと。

To exercise an option means to actually use the right it gives you: buying the underlying at the strike (with a call) or selling it at the strike (with a put). Only the holder of a long option can exercise; the person who sold it can be assigned. American-style options can be exercised any day up to expiration, while European-style ones (most cash-settled index options) can only be exercised at expiry.

In practice, retail traders rarely exercise on purpose. If you own a call that's deep in the money, selling it usually captures more value than exercising, because you'd otherwise throw away any remaining time value. Exercising mainly makes sense to take an actual stock position, or occasionally to capture a dividend just before the ex-date.

A common mistake is forgetting about automatic exercise. Brokers auto-exercise options that expire in the money, so a long call you thought was worthless can suddenly turn into a large stock purchase you can't fund. If you don't want the shares, close the position before expiration instead of letting it settle.

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