Value of call options -- please explain

[fun160]

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for reasonably liquid options its always possible to sell them post-expiration when they are in the money rather than exercise them right?

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No, post-expiration a long call [put] either expires worthless or is exercised and you have to pay for [deliver] the underlying instrument, except those which simply settle to cash. There's no trade in an option once it expires.

[Karmic]

[ QUOTE ]
for reasonably liquid options its always possible to sell them post-expiration when they are in the money rather than exercise them right? assuming you are buying options for the leverage and you don't have the money required to actually exercise it.

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If you want to do this you sell them on the last friday before expiration. You will lose a little bit on the spread, but if you excercise the options you will be charged a fee by your broker so if you don't want to excercise the options and keep the stock just sell them on the Friday before.

[TRBNGR]

This link may also prove useful. If your the type that likes to have a book on the topic the standard beginner's book is Option Volatility & Pricing.

The Greeks on Wikipedia