Question - Exit Strategy for Vertical Put Spread

I sold a Put Option that is ATM now and does not expire until Mar11. If I feel that the option is gaining too much intrinsic value as the day goes on and I am running the risk of being excercised I want to buy back the option. My question is related to the timing of it all. From my understanding I will not know until the next day from my broker if I have been excercised. If that is the case, can I wait up until close to buy back the option and successfully exit? By waiting until the end of the day the stock price may gain strength and the intrinsic value go down and I would hold off the buyback. Any help is appreciated.

 

When in doubt, get out. Don't hope nor overanalyze.

 

Timing is everything

 

That's how "big losses" occur. :eek:

 

You have until the close of the last trading day to buy it back.