Noob question - bought a call debit spread 195/197.50. PayPal is at 199 today - if I hold till expiration I get the 250 correct? Or can I exercise it now and get the 250?

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You can close the contract now realize the profit. Not worth the risk of holding until expiration.

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Only the option buyer has the right to exercise the option before expiration. So you can only exercise your long call now. If you wanna take profit now, buy to close your long and sell to close your short.

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This but you won’t get the full $250. Depending on bid-ask spread as there is still
Time decay on both. Right now the spread is bid at $2.40 and ask at $1.90.

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Depends on expiration date, it will approach 2.50 on expiration date. My advise close out.

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