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exercise an out of the money option
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for listed options in nyse,cboe, is it possible for an option holder to exercise an option even if it is not in the money?  abandonment of in-the-money options or the exercise of out-of-the-money options are referred as contrarian instructions. they are sometimes forbidden, e.g. see cme - weekly & end-of-month (eom) options on standard & e-mini s&p 500 futures  (mirror): in addition to offering european-style alternatives (which by definition can only be exercised on expiration day), both the weekly and eom options prohibit contrarian instructions (the abandonment of in-the-money options, or the exercise of out-of-the-money options). thus, at expiration, all in-the-money options are automatically exercised, whereas all options not in-the-money are automatically abandoned.
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