Hi.
I need some clarity on below scenario.
Sort a iron fly
@3:25 try to squareing off the positions but one otm put option was not sold coz prices was .05 and there was no buyers. So I want to know
what will happen next.
Is there any penalty on me.
Do i have to pay anything.
Regards
Mohit
Don’t worry it doesn’t affect u at all… 
u just saved brokerage + taxes on that leg 
in index option, Square off should be done in the ITM Sold or ITM BUY! & even though u can’t able to square off those options for any reasons , it’s not that dangerous like stock options.
while dealing in the stock options , just stay cautious , Never keep open position for ITM options (bought or sold for both i am saying) even some options go ITM in last few minutes & there can be no Buyer seller in that particular stock so beware. particularly if u have PE buy , if PE buy goes into ITM in the last minutes , you need to provide the delivery of that stock which is not with u in your demat , so exchange will first buy that stock in the auction after 1 day, then it takes time to get credited in the demat then u deliver that stock to the person u bought PE. (& in this process if that stocks move sharply in 1-2 days u loose a lot even in the option buying) that’s y brokers don’t allow Normal delivery orders in the last week. so if u stay cautious in Such scenarios, there is no big worry for u in the upcoming days !