In this article:
Overview
Managing your options positions means knowing how to view your current orders, cancel or modify pending orders, and close out your long or short positions when needed.
View your options orders
You can view both pending and filled options orders by following these steps:
- Log in to the Wealthsimple app
- Tap the Activity tab at the bottom of your screen
- View your pending or recently filled orders
- Log in to your Wealthsimple profile
- Select the Activity tab from the side menu
- View your pending or recently filled orders
Cancel or modify a pending order
Pending options orders are orders that haven't been filled yet, often because they haven't met your specified limit price.
To cancel a pending options order, follow these steps:
- Log in to the Wealthsimple app
- Tap the Activity tab at the bottom of your screen
- Tap the pending order you want to cancel
- Tap Cancel order
- Tap Yes, cancel
- Log in to your Wealthsimple profile
- Select the Activity tab from the side menu
- Select the pending order you want to cancel
- Select Cancel
Note: You can't cancel an options order that has been filled.
To modify a pending options order, follow these steps:
- Log in to the Wealthsimple app
- Tap the Activity tab at the bottom of your screen
- Tap the pending order you want to modify
- Tap Modify order
- Update the order details, such as the limit price
- Tap Next
- Confirm the details of your modified order
- Tap Submit order
- Log in to your Wealthsimple profile
- Select the Activity tab from the side menu
- Select the pending order you want to modify
- Select Modify order
- Update the order details, such as the limit price
- Select Next
- Confirm the details of your modified order
- Select Submit order
Tip: You can also modify a pending options order from Trade Plus.
Close your long positions
You have three different ways to close a long options position:
- Sell to close: This means you're selling the same option contract that you own back into the marketplace. This allows you to exit your position and realize any profit or loss before expiry. To close a protective put position, both the option and the shares, in one order, see Understanding combo orders.
- Exercise your option: This refers to following through with the contract by either buying (for a long call) or selling (for a long put) the contracted shares. For more information on exercising your options, see Understand exercising options and assignment.
- Let the option expire worthless: If you bought an option and it's "out of the money" by its expiry date, you can let it expire. After your contract expires, it's generally removed from your account within 1 business day.
Close your short positions
You have three different ways to close a short options position:
- Buy to close: This means you're buying back the contract that you previously sold. This releases the shares that covered your call back to you. To close a covered call position, both the option and the shares, in one order, see Understanding combo orders. Combo orders are available for US options only.
- Let the option get assigned: This refers to following through with the contract by either buying or selling the contracted shares. For more information on assignment, see Understand exercising options and assignment.
- Let the option expire worthless: If you sold an option and it's "out of the money" by its expiry date, you can let it expire. After your contract expires, it's generally removed from your account within 1 business day.
Note: We don't charge any fees if your option is assigned.
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