Guide
What happens to a paper option held to expiry?
After the expiration date, Nyria Paper closes the position at the contract's intrinsic value, using the underlying's official close that day. A call settles at the close less the strike, a put at the strike less the close, and $0 if it finished out of the money. The exit shows as Expiry settlement (simulated). It settles in cash, so no shares are delivered.
Official documentation
Check how a paper option settled at expiry
- 1
Open the bot's trades
Look for an exit marked Expiry settlement (simulated).
- 2
Read the contract
Note the strike, the side and the expiration date.
- 3
Find the official close
Settlement uses the underlying's official close on the expiration date.
- 4
Work out the intrinsic value
A call is the close less the strike. A put is the strike less the close. Out of the money is $0.
- 5
Allow for delay
A settlement is written once two market-data sources agree on that close, so it can come days after the date.
How it settles
- It settles in cash. No shares are delivered.
- The exit is a simulated settlement, not a fill.
- A call settles at the close less the strike.
- A put settles at the strike less the close.
When it can lag
- A settlement is written only once two market-data sources agree on the close.
- It can come days after the expiration date.
- Until it does, the position counts at $0.
What is not settled
- Cash-settled index options other than SPX, such as NDX, RUT, XSP and VIX, are not settled this way and count at $0.
- Third-Friday SPX options are not settled this way either.
Questions
- Do I get shares if a paper call finishes in the money?
- No. It settles in cash.
- What does an out-of-the-money option settle at?
- $0.
- Why has my expired paper option not settled yet?
- Settlement waits until two market-data sources agree on the close.
- Is the settlement a fill?
- No. It shows as Expiry settlement (simulated).
- Do NDX or VIX options settle on Nyria Paper?
- No. They count at $0.
Next
- Paste an alert into the alert tester to see how Nyria reads it.
- Step by step for one account: how to automate TradingView to Nyria Paper.
- Step by step for one account: how to automate Webhook to Nyria Paper.
- Alert tester.
Guides
TradingView paper trading bot
Each alert becomes a free paper order. No card, no broker.
Read guideBroker sandbox vs paper trading
What Nyria Paper, Tradier's sandbox and Alpaca paper each prove.
Read guideHow to automate options alerts
Single legs and spreads up to 4 legs, from any alert source to your broker.
Read guideWhat happens to an option that expires today in an automated bot?
Nyria checks open options 30 minutes before the close and logs each one.
Read guideWhat does paper trading not test before I go live?
The alert-to-order path, yes. Fills, rejections and assignment, no.
Read guideTry a paper bot first
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