I've never held index options until expiration so all my knowledge about how settlement works is strictly academic. I'd like to find out from those who have first hand experience what happens if a vertical spread expires partially or fully ITM. Does the type and size of the account matter? Will the same process be applied to a $25K IRA account approved for spread trading and to a $1M portfolio margin account approved for naked options selling? The brokers I am interested in are Fidelity, Schwab, Webull, MooMoo, E-trade. I read somewhere that some broker(s) would autoclose short legs 30 minutes before market closes if there is a chance that those legs go ITM. I wonder how true that is. Thank y'all. submitted by /u/Ok-Yam-6616 [link] [comments]