I have SPY 321/323 credit spread expiring today. But I was assigned my short leg this morning and still holding long 323.

Since I'm not holding my short 321 contract...what happens if:

1) SPY closes below 321
2) SPY closes between 321-323

Thanks!

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Does that mean that you did sold 321 call and bought the 323 call?

Calls: lower the strike higher the contract price.

Sell 321/ Buy 323: Net credit (more value of sold than bought)

Right now you’re just long an ITM call. It it closes out of the money it will be worthless.

Am I understanding you correctly that you sold an ITM credit spread?

Nah I did not sell. My 323 was automatically exercised this morning. So I realized the max loss.

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