For example, the Jan 4, 2021 SPY $369 call option. After the market closed (i.e. at 4pm in New York), SPY was below $339 and yet the quote for the option continued to fluctuate. It currently has a bid price of $.07 and I am watching the quote change in real time, at 4:13pm.
I thought that the option had an expiry time of 4pm, and thus if it finished out of the money it would be immediately worthless and no quote updates would be permitted. Am I wrong?