PDT tracker · Charles Schwab (thinkorswim) · checked 2026-09-25
Charles Schwab (thinkorswim) after the PDT repeal: day-trading checks and expiration mechanics
The $25,000 pattern-day-trader minimum ended 2026-06-04. Each broker now decides how it checks day-trading margin and what it does at expiration. The table shows Charles Schwab (thinkorswim)'s published values — and says so when we could not find one.
| Last time to submit exercise / do-not-exercise instructions on expiration day (ET) | unverified |
|---|---|
| What the broker does with an expiring ITM position the account cannot afford to take delivery on | Per Schwab's expiration guide: if a long option is ITM at expiration and the account cannot support the resulting position, the brokerage may at its discretion issue a do-not-exercise instruction on the client's behalf, or close out (sell) the position without notifying the client. Schwab's own exercise-instruction cutoff time is not stated on the page (OCC's is 4:30pm CT). |
| How the post-repeal day-trading margin check is applied (real_time | end_of_day | none) | real_time |
| Minimum equity the broker requires to day-trade on margin after the June 2026 PDT repeal (USD, null = none published) | 2000 — Intraday Margin Buying Power (25% requirement, positions must be closed by 8pm ET) for margin accounts with at least $2,000 in cash or eligible securities (from 2026-07-13); no $25k PDT minimum, day trades not counted since 2026-06-08 |
| Settlement the broker applies to option proceeds in a cash account (e.g. T+1) | T+1 |
Sources: www.schwab.com · www.schwab.com · www.schwab.com · methodology · no affiliate links.
0DTE expiration day at Charles Schwab (thinkorswim)
| Fact | What Charles Schwab (thinkorswim) states | Source |
|---|---|---|
| Exercise / do-not-exercise cutoff on expiration day | not published on an official page (checked 2026-09-25) unverified | www.schwab.com verified 2026-09-25 unverified |
| In-the-money position the account cannot take delivery on | Per Schwab's expiration guide: if a long option is ITM at expiration and the account cannot support the resulting position, the brokerage may at its discretion issue a do-not-exercise instruction on the client's behalf, or close out (sell) the position without notifying the client. Schwab's own exercise-instruction cutoff time is not stated on the page (OCC's is 4:30pm CT). | www.schwab.com verified 2026-09-25 unverified |
| Cash-account settlement of option proceeds | T+1 | www.schwab.com verified 2026-09-25 unverified |
| Minimum equity to day-trade on margin | $2,000 — Intraday Margin Buying Power (25% requirement, positions must be closed by 8pm ET) for margin accounts with at least $2,000 in cash or eligible securities (from 2026-07-13); no $25k PDT minimum, day trades not counted since 2026-06-08 | www.schwab.com verified 2026-09-25 unverified |
SPX 0DTE (SPXW) settles in cash at the 4:00pm ET official close regardless of broker — what an in-the-money SPXW settles to. SPY/QQQ expiring in the money are exercised by the OCC at $0.01 unless instructed by the cutoff above — what an in-the-money SPY 0DTE turns into. Missed the cutoff? What happens after the exercise cutoff passes.
Compare: Robinhood · tastytrade
Quick answers
Does Charles Schwab (thinkorswim) still enforce the $25,000 pattern-day-trader minimum?
The FINRA minimum was eliminated effective 2026-06-04; brokers phase in their own day-trading margin checks through October 2027. Charles Schwab (thinkorswim) applies its check real time.
What is Charles Schwab (thinkorswim)'s exercise cutoff on 0DTE expiration day?
Charles Schwab (thinkorswim)'s exercise cutoff is not published on an official page (checked 2026-09-25). OCC's own exercise-instruction deadline is 5:30pm ET; brokers set earlier cutoffs. The cutoff applies to physically settled SPY and QQQ contracts; SPXW settles in cash at the 4:00pm ET official close with no exercise decision. This row is not yet fully confirmed against an official page (checked 2026-09-25).
What does Charles Schwab (thinkorswim) do if my 0DTE finishes in the money and I can't take delivery?
Charles Schwab (thinkorswim) states: “Per Schwab's expiration guide: if a long option is ITM at expiration and the account cannot support the resulting position, the brokerage may at its discretion issue a do-not-exercise instruction on the client's behalf, or close out (sell) the position without notifying the client. Schwab's own exercise-instruction cutoff time is not stated on the page (OCC's is 4:30pm CT).” (www.schwab.com, verified 2026-09-25). For SPY/QQQ, OCC exercises any contract in the money by $0.01 or more at the close unless a do-not-exercise instruction reaches the broker by its cutoff; SPXW settles in cash, so there is nothing to deliver. This row is not yet fully confirmed against an official page (checked 2026-09-25).
Next
- Holding a SPY 0DTE into the close? see exactly what 4:00 does to it at Charles Schwab (thinkorswim)'s cutoff
- All brokers PDT-repeal tracker