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Be me.
Open an iron condor trade yesterday.
Underlying stock closes within all four strike prices of the iron condor, out of the money on the expiration date. Don't close the position thinking, logically, that since all four strikes are out of the money, nobody will exercise my short put and call positions.
Wake up this morning: someone had exercised the short call after the market closed yesterday.
For about an hour, I assumed I had just lost 50% of my net worth to pay back the hundreds of shares of the underlying I found myself holding short in an appreciating market.
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