How do exercise oracles work in exchange-traded options?

External question — Personal Finance Stack Exchange Author: Paul Razvan Berg Original post: https://money.stackexchange.com/questions/126333 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. I understand that this is basically an automated way to exercise an option for a customer as close to expiration time as possible, but I'm curious about how the system operates precisely. Does the oracle check the prices continuously, say, every minute, or only once on the expiration date? Is there a standard protocol for exercise oracles, followed by all brokers and exchanges?