I am learning more about options strategies and trying out a iron condor for my learning. When entered if the stock price sits between the sell put and sell call at time of expiration does anything need to be done to collect the premium or will it just close itself? How do I also make sure it doesn't execute if that's even a possibility?
As with any option trade if the long option is in the money it will be exercised, unless you have told your broker not to. If your short option is ITM at expiration you will be assigned. If you don't have much experience trading them I would suggest closing the trade before expiration when you have 50 - 70% profit or when the loss hits a predetermined point.
You get the premium when you enter the trade, not at expiration. When expiration comes and you're sell puts/calls are between, the options will just vanish from your account magically. Nothing needs to be done. If you're in the money in one of those, when you wake up Monday morning, you'll find yourself long or short the stock with a corresponding amount of cash in or taken out of your account. If you didn't have enough money to cover the long or short position, it's called freeriding and its a reg T violation and a broker may or may not freeze your account for 90 days.