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To: Shack who wrote (128589)1/28/2006 6:03:38 PM
From: Win-Lose-Draw  Read Replies (1) | Respond to of 209892
 
Sure, I understand. The main reason its rare to see masses of options expire ITM is because an ITM option near expiry no longer acts like an option, it acts like the underlying (unless things go really bad, in which case it just goes to zero.) Things get real assymetric and non-linear around there, and most options traders would rather just cash out and re-establish.