# Exercising Options

### How to Exercise a Call Option? ( traditional )

"Exercising a call" means you are demanding to buy the crypto asset at the strike price. In order to exercise the option, you must send the tokens and the corresponding amount of the strike price, before the expiration. This can be done by accessing "Manage" in the top menu of your dashboard.\
\
Example: Exercising  2 "ACO ETH-**2000USDC**-**C**-26JUN20-0800UTC"

| Action         | Amount               |
| -------------- | -------------------- |
| You send       | 2 tokens + 4000 USDC |
| You'll receive | 2 ETH                |

### How to Exercise a Call Option? ( Flash Exercise )

By using Flash Exercise to exercise call options, instead of sending the amount required to exercise, this amount is covered using Uniswap V2 Flash Swaps and you'll receive the remaining amount (intrinsic value) in ETH.\
\
Net Profit = Number of Options \* (( Uniswap Price - Strike Price ) / Uniswap Price )\
\
Example: Exercising  2 "ACO ETH-**2000USDC**-**C**-26JUN20-0800UTC" and Uniswap Price  = 2500 USDC. 

| Action                        | Amount                        |
| ----------------------------- | ----------------------------- |
| You send                      | 2 tokens                      |
| You'll receive (total profit) | 0.4 ETH (2\*(2500-2000)/2500) |

### How to Exercise a Put Option?

"Exercising a put" means  you are demanding to sell  the crypto asset at the strike price. In order to exercise the option, go to you must send the tokens and the corresponding amount of the underlying asset, before the expiration. This can be done by accessing "Manage" in the top menu of your dashboard.\
\
Example: Exercising  2 "ACO ETH-**2000USDC**-**P**-26JUN20-0800UTC"

| Action         | Amount           |
| -------------- | ---------------- |
| You send       | 2 tokens + 2 ETH |
| You'll receive | 4000 USDC        |

### How to Exercise a Put Option? ( Flash Exercise )

By using Flash Exercise to exercise put options, instead of sending the amount required to exercise, this amount is covered using Uniswap V2 Flash Swaps and you'll receive the remaining amount (intrinsic value) in USDC.\
\
Net Profit = Number of Options \* ( Strike Price  - Uniswap Price )\
\
Example: Exercising  2 "ACO ETH-**3000USDC**-**C**-26JUN20-0800UTC" and Uniswap Price  = 2500 USDC. 

| Action         | Amount                     |
| -------------- | -------------------------- |
| You send       | 2 tokens                   |
| You'll receive | 1000 USDC (2\*(3000-2500)) |

### What happens to my option if I never sell or exercise it?

Once an options contract expires, the token itself is worthless. If you own an option and it expires unexercised, you no longer have any of the rights inherent in that contract and you lose the premium you paid for it.

### **Do I have to manually exercise the options?** 

**YES.** Options are not exercised automatically.


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