Trader Workstation
To exercise or lapse an option in TWS:
- In the Mosaic Account (or Classic Trade) menu select Option Exercise.
- Select the option(s) and choose "Exercise All" to exercise the entire position, "Exercise-Partial" (when applicable) to exercise a portion of the position, or "Lapse" (only available on the last trade date).
- To discard your changes, right-click the option row and select Discard Modifications.
- The exercise instruction is displayed on an order row. Click “T” to transmit the instruction. Right-click and select "Discard Modifications" to discard without submitting
Finalize Request (Optional)
You can make the option exercise request final but you will be unable to cancel or edit until the for the remainder of the cutoff time (varies by clearing house).
- Click File (or Edit) menu followed by Global Configuration and Orders and Settings
- Select "final and cannot be cancelled" to allow for immediate delivery of the stock. Please note that some contracts will not follow this rule and will remain revocable up until the clearing house deadline.
Find more details in the TWS Users' Guide
IBKR Mobile
To exercise or lapse an option in IBKR Mobile follow the steps below.
- In your Portfolio, tap the option position twice to open it in Quote Details.
- Tap the Overflow menu (three dots) in the top right corner and then tap Exercise/Lapse.
- Follow the prompts to complete the action.
- Once complete, tap the Submit button.
- If there is a warning message, please read it, and if you wish to proceed tap "Override and Transmit". A summary page will populate.
IMPORTANT
- If you have a time sensitive issue and need help exercising a long American style option you must call the IBKR Trade Desk.
- Option Exercise requests may be submitted up until the times listed on the IBKR web page for Delivery, Exercise and Corporate Actions.
- Option Lapse requests are only available on the last trade date.
- In the event that an option exercise cannot be submitted via the TWS or IBKR Mobile, an option exercise request must be submitted via Web Ticket in Client Portal with all pertinent details (option symbol, account number and exact quantity)
- To access the Message Center and create a new ticket, use the link above or: Log into Client Portal, select Messages, Compose and New Ticket, then select Trade Issues as the ticket category followed by Liquidation
- Make sure the ticket contains the words "Option Exercise Request" in the subject line and provide a contact number along with details regarding what you experienced in TWS Option Exercise window that made it not available for use.
Additional Resources