Option exercise / expiry

[gokou3]

I am short put on a weekly option that expires today (friday mar. 28, 2014).  The put option is slightly OTM at the market's close (4pm EST), but the underlying then drops and trades slightly below the strike price aftermarket (say 4:05pm).  In other words, the option becomes ITM if it hadn't expire. 

 

So the question is: will I get exercised?  I guess the answer to this depends on the exact time that this option expires.  My broker quote screen still shows the option to be trading as of 4:15pm, so I suspect that the expiry time is beyond the Friday market close.

[zippy1]

Is not the expiry date typically set on Saturdays?

[ItsAValueTrap]

http://www.optionseducation.org/tools/faq/options_exercise.html

[gokou3]

http://www.optionseducation.org/tools/faq/options_exercise.html

 

Thanks for the link.  So the answer seems to be as follow:

 

Can I exercise my right to buy the stock at any time up to the expiration date?

 

As the holder of an equity or ETF call option, you can exercise your right to buy the stock throughout the life of the option up to the exercise cut-off time on the last trading day before expiration. Options exchanges have a cut-off time of 4:30 p.m. CT, for receiving an exercise notice. Be aware that most brokerage firms have an earlier cut-off time for submitting exercise instructions.

 

i.e. the option is exerciseable until Friday 5:30pm EST, 1.5 hours after market close.

[boilermaker75]

Is not the expiry date typically set on Saturdays?

 

The monthly options officially expire on Saturday, the weekly options on Friday, but I imagine you have to exercise the monthly ones by close on Fridays.

 

Edit: The April 4, 11, and 25 expirations are Fridays, whereas the April 19 expiration is a Saturday,

 

http://finance.yahoo.com/q/op?s=BAC+Options