| If you ____ | you have ____ the underlying at the strike price. | When ____ | your ____ |
|---|---|---|---|
| purchase a call, | the right to buy | exercised, | cost basis of shares purchased |
| purchase a put, | the right to sell | exercised, | proceeds from the sale of shares |
| sell a call, | the obligation to sell | assigned, | proceeds from the sale of shares |
| sell a put, | the obligation to buy | assigned, | cost basis of shares purchased |