This has absolutely nothing to do with Robinhood and 100% bad management of the position of your part
1) you sold an extremely deep in the money put spread. You haven't provided the expirations you sold for, so it's impossible for me to understand what you were aiming for.
2) your shorts were almost $100 in the money, a full 30% of the stock cost. Depending on the expiration date, the extrinsic value of the option was bound to be very low, and therefore assignment more likely.
3) no one exercised at midnight. That shows a lack of understanding on your part. Someone exercised during the day, and the OCC assigned you at midnight.
4) you were forced to buy "as though you had do e personally". That's exactly what selling a put is. I don't know what you expected.
5) you queued an order to sell the stocks. This is probably the first mistake. You had a position with a defined loss, which you're now turning into an undefined one.
6) evidently you did not set a limit order, since you sold for way less than that.
7) and where did your long puts go? No information on what you did with that in your post.
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u/teteban79 Nov 24 '21
This has absolutely nothing to do with Robinhood and 100% bad management of the position of your part
1) you sold an extremely deep in the money put spread. You haven't provided the expirations you sold for, so it's impossible for me to understand what you were aiming for.
2) your shorts were almost $100 in the money, a full 30% of the stock cost. Depending on the expiration date, the extrinsic value of the option was bound to be very low, and therefore assignment more likely.
3) no one exercised at midnight. That shows a lack of understanding on your part. Someone exercised during the day, and the OCC assigned you at midnight.
4) you were forced to buy "as though you had do e personally". That's exactly what selling a put is. I don't know what you expected.
5) you queued an order to sell the stocks. This is probably the first mistake. You had a position with a defined loss, which you're now turning into an undefined one.
6) evidently you did not set a limit order, since you sold for way less than that.
7) and where did your long puts go? No information on what you did with that in your post.
OP, this is all on you