looking at an options spread sheet u can see that an option spread has little profit until expiration day. for people who have traded options spreads what is your advice for closing options spreads on closing day without having the option exercised. can you wait until the last hour , last 15 minutes? what do u usually do? also, i am unclear if the option i have sold in the spread is exercised,do i just have the money owed to the option holder taken out of my account or do i have a stock position assigned to me. it takes alot of money to have a 100 shares of google assigned to u and i couldn t do more than one contract. if the option sold is exercised will the contract i am long immediately be exercised cancelling out the long/short i ve been assigned. any books/webpages on spread trading i should look into?