After the option expires, the option can be closed, exercised or abandoned.

Generally, the option contract has no value after it expires, and most investors will automatically give up the exercise, because the value of the option contract is zero and there is no need to exercise.

If the option contract is still valuable on the expiration date, you can choose to close the position and release the premium, or you can choose to exercise your right to deliver the subject matter, which mainly depends on the choice of investors.

Futures are forced to close their positions because futures contracts usually need to be delivered in kind or settled in cash on the maturity date. Before the futures expiration date, investors can choose to close their positions in the secondary market, that is, sell or buy the same number of futures contracts with opposite positions, thus canceling the obligation of futures delivery. However, if the investor has not closed his position after the futures contract expires, the exchange will force the investor to close his position to ensure the smooth transaction. Forced liquidation may cause investors to fail to obtain favorable trading prices, resulting in losses.