Percentage of Options Expiring Worthless - Debunking a Myth
Though the argument that 90% of options expire worthless has often been bandied about, options expert Alan Ellman, of TheBlueCollarInvestor.com, points out that options traders have never heard such a thing from him and outlines exactly why this statement is simply not true.
Summary
Explains that only 10% of options are exercised. There are also good breakdowns of how to earn money as far as option pricing goes. Overall a fantastic read.