When closing out iron Condors I was curious ... If I close one side like the call side if it is up money ... Do I have to close out the puts yet? Or does it just turn into another option like a .. covered put?? Not sure what that would be called, still new so be gentle Example below:
No, you'll just be short a put spd. I'd put in a lowish bid to cover the short put and hope for a crap out.