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Zman is 100% correct. If you want to know something about options he is your man.

I am a big fan of writing options, i love those covered calls and naked puts. But, My point is that if you don't understand options and their accounting you should not be writing options contracts. Good luck, U seems to be well on your way to a good understanding.

PS I too always consider my options as expiring at 4:00 on the 3rd Friday. its the same differance
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