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The closing print is the final traded price of a security at the end of the regular session, determined by the closing auction. It serves as the reference price for end-of-day margin calculations, settlement, and next-day's opening reference.
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Key takeawayThe closing print determines your end-of-day margin requirement. If your short strangle is near a strike at 3:55 PM, the closing auction can cause a pin break that triggers a margin call overnight.
💡 Why It Matters
The closing print determines end-of-day margin calculations, settlement values for expiring options, and the reference price for next-day risk limits. For premium sellers, the closing print can trigger overnight margin calls if it pushes positions past maintenance requirements.
⚙ How It Works
The closing auction matches all MOC and LOC orders at a single clearing price at 4:00 PM ET. This price becomes the official close used for settlement, margin, and NAV calculations. Options closing prints are derived from the underlying's close and end-of-day IV levels.
📋 Example
SPY closes at 449.90, just $0.10 from a short 450 call strike. The closing print triggers a margin increase because the position is nearly ATM. If the premium seller had closed the position at 3:50 PM for $0.15, they would have avoided the overnight margin requirement increase.
⚠ Common Mistakes
Traders ignore the closing print's impact on margin. Brokers recalculate margin requirements based on the close, and a position that was comfortably OTM at 3:30 PM can become an ATM margin concern by 4:01 PM. Monitor positions near strikes in the final 30 minutes.
❓ FAQ
What is Closing Print?
The closing print is the final traded price of a security at the end of the regular session, determined by the closing auction. It serves as the reference price for end-of-day margin calculations, settlement, and next-day's opening reference.
Why does Closing Print matter for premium sellers?
The closing print determines your end-of-day margin requirement. If your short strangle is near a strike at 3:55 PM, the closing auction can cause a pin break that triggers a margin call overnight.
How does Closing Print work?
The closing auction matches all MOC and LOC orders at a single clearing price at 4:00 PM ET. This price becomes the official close used for settlement, margin, and NAV calculations. Options closing prints are derived from the underlying's close and end-of-day IV levels.
What are common mistakes with Closing Print?
Traders ignore the closing print's impact on margin. Brokers recalculate margin requirements based on the close, and a position that was comfortably OTM at 3:30 PM can become an ATM margin concern by 4:01 PM. Monitor positions near strikes in the final 30 minutes.
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This is not financial advice. Read our full investment disclaimer.