Can I Cancel an Options Order That Hasn't Been Executed on Pluang?

Yes — you can cancel an unexecuted options order on Pluang any time before it is fully filled, whether it hasn't been filled at all or has only been partially filled. This mainly applies to Limit Orders, since a Limit Order for options sits in the order book waiting for a matching price and stays open — and cancellable — until it fills, expires, or you cancel it yourself; a Market Order, by contrast, fills immediately at the best available price and typically leaves nothing left to cancel. For a partially filled order, cancelling only removes the remaining unfilled quantity — the portion that has already executed stays as a confirmed position in your portfolio and cannot be reversed by cancelling it. Once an order is cancelled, any funds or margin set aside for the unfilled portion become available in your balance again, and the order's status updates to reflect the cancellation.

When cancellation applies

• Fully unfilled order — no part of the order has matched yet; the entire order can be cancelled.
• Partially filled order — some contracts matched, some didn't; only the unfilled remainder can be cancelled, and the executed part stands as-is.
• Market Orders — because these fill immediately at the prevailing price, there's normally no unfilled window in which to cancel.

What happens after you cancel

• The cancelled quantity is removed from the order book and no longer waits to be matched.
• Funds or margin reserved for the cancelled portion return to your available balance.
• Only the executed portion (if any) remains committed, since it's already a real position rather than a pending order.

Example

Suppose you place a Limit Order to sell 5 options contracts, and 2 of those contracts fill before you decide to cancel. Cancelling at that point removes only the remaining 3 unfilled contracts from the order book — the 2 that already executed stay in your portfolio as an open position and are not affected by the cancellation.

Common reasons to cancel an unfilled order

• The underlying price moved and your original price no longer makes sense.
• You want to re-enter the trade with a different strike price, expiry, or quantity.
• You placed the order by mistake or changed your trading plan.
• You'd rather manage assignment risk proactively — since Pluang's US Stock Options are American-style, short positions can be assigned any time before expiry, so some traders prefer to reset an order rather than leave it open indefinitely.

Related questions:

Q: Can I cancel a Market Order for options once I've placed it?
No — a Market Order fills immediately at the best available price the moment it's submitted, so there's no unfilled portion left to cancel by the time you'd try. Cancellation only applies to orders still sitting open and unfilled, which in practice means Limit Orders — these wait in the order book for a matching price and stay cancellable until they fill, expire, or you cancel them. If you want the flexibility to change your mind before execution, place a Limit Order instead of a Market Order.

Q: What happens to the funds reserved for a cancelled order?
When you place an options order, Pluang sets aside the funds or margin needed to cover it while it's open. If you cancel before it fills — fully, or for the unfilled portion of a partial fill — that reserved amount is released back into your available balance, and you're free to use it for a new order. Only the amount tied to any portion that already executed stays committed, since that part is now a confirmed position rather than a pending order.

Q: Can I cancel an options order right up until its expiry date?
Yes — as long as the order is still open and unfilled (or only partially filled), you can cancel the remaining unfilled portion at any point before the contract expires; cancellation isn't restricted to a short window right after you place the order. This only covers orders that haven't executed yet — it's separate from a position you already hold. Once an order fills and becomes an open position, what happens to that position afterward follows Pluang's regular closing and expiry-day process instead of order cancellation.

Q: What's the difference between cancelling an order and modifying it?
Cancelling removes the order entirely, releasing any reserved funds and ending that specific order request — if you still want a position, you'd need to place a new order from scratch. Modifying instead lets you change details of an existing unfilled order, such as its price or quantity, without cancelling and resubmitting a separate order. Which one to use depends on your goal: cancel if you no longer want the trade at all, or modify if you just want to adjust the terms of an order that hasn't filled yet.