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If I undertand it, you have the right to sell 100 shares per contract for $65 on or before March 16.

You are not obligated to anything. If you let it expire and assuming it has value, chances are your broker will use your margin account to buy the stock - if you don't own that many - then sell them and deposit the profit on your account.

Or you can sell to close anytime before. Looking at the chart I would wait till we reach moving average around $55. Nice trade btw!
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