When you open a saved "what-if" portfolio that includes expired positions, you can elect to have Risk Navigator transform these positions into deliverables according to the settlement procedure. For example, an expired at-the-money IBM option position would be replaced by the proper amount of IBM stock and cash.
To transform expired positions to deliverables, say "Yes" to the transform message.
To always have the system transform expired what-if positions, check "Remember my decision."
Note: If you have an expired position in your actual portfolio, you can elect to have Risk Navigator create a new what-if portfolio populated with your existing positions, and it will transform expired positions as noted in the new what-if.