Alpaca will make all non-standard options liquidation only. A non-standard option is an option where the underlying security has gone through some type of corporate action, such as an acquisition or other. Due to the corporate action the delivery instructions of the options contract may be changed. When that happens these options are considered non-standard. The market prices on the options may not make sense due to the special delivery of the underlying contract. The best place to read about delivery instructions for a non-standard option is on the Options Clearing Corporation website.

For further details on option trading at Alpaca, please navigate to our documentation.

For further educational information on Options trading, please refer to:

Options trading is not suitable for all investors due to its inherent high risk, which can potentially result in significant losses. Please read Characteristics and Risks of Standardized Options before investing in options.

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. There is no guarantee that any investment strategy will achieve its objectives. Please note that diversification does not assure a profit, or protect against loss. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.