You can manage your options positions in several ways.
Close It: With this method, you use Order Entry to manually submit an order to sell or buy your option position. Simply tap Close It to see the Order Entry panel. Make changes to any parameter and submit. Note the closing is different from exercising. Closing it simply buys or sells the option contract. Exercising it buys or sells the underlying stock, requiring you to have enough buying power or underlying shares to complete the transaction.
Roll It Over: Rolling your option involves selling (or buying) your existing option contract(s) and then buying (or selling) contracts on the same underlying but at a new expiry and strike.
Exercise It: Note that your option will exercise automatically at expiration if it is in-the-money. You may want to manually exercise an out-of-the money option to capture a dividend, if you are in a complex multi-leg spread, or for various corporate actions. To submit your intention to take action that is contrary to the clearinghouse default, tap Exercise It and complete the required fields. Select the number of contracts to exercise or lapse. Decide whether or not to make the decision final, and tap Allow Exercise to confirm your decision.
Options involve risk and are not suitable for all investors. For more information read the “Characteristics and Risks of Standardized Options” that you can find on the OCC website.