In this article:
Overview
Effectively managing your options positions involves knowing how to view your current orders, cancel or modify pending orders, and close out your long or short positions when needed. This article will guide you through these essential actions.
View your option positions
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 option order, follow these steps:
- Log in to the Wealthsimple app
- Tap the Activity tab at the bottom of your screen
- Tap the pending option you want to cancel
- Select Cancel order
- Select Yes, cancel
- Log in to your Wealthsimple profile
- Select the Activity tab from the side menu
- Select the pending option you want to cancel
- Select Cancel
Note: You can't cancel an option order that has been filled.
To modify a pending option order, follow these steps:
- Log in to your Wealthsimple profile
- Select the Activity tab from the side menu
- Select the pending option you want to modify
- Select Modify order
- Modify your pending option order
- Select Next
- Confirm the details of your modified order
- Select Submit order
Note: You can only modify the limit price of your options orders at this time. Modifying pending options orders is currently only available on the web.
Tip: You can also modify a pending option order from the Advanced Trading View.
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.
- 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 options exercise 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 simply 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 action will release the shares you used to cover your call back to you.
- 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 options exercise 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: Wealthsimple doesn't charge any fees if your option is assigned.
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