What is a Value Adjustment Trade on Expiry Day?

A position taken near expiry to adjust or hedge exposure based on final settlement price expectations, options decay, or mispricing. This is mostly done by: Option sellers, prop desks, or institutions to capture value left in the system before expiry. Retail or intraday traders to exploit volatility and premium adjustment in the final hour (also called “expiry game” or “adjustment expiry scalps”