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Ok, and thanks for taking the time to answer a simple question.. I appreciate it.

Since I'm new to options trading, I've been trading with a pretty small amount of cash in my account. Let's say I can afford to buy the spread but don't have the cash to exercise at expiration.. do I just have to close out the position before expiration?

Still new to options.. If you have a vertical bull call spread, if by expiration the stock price is higher than the higher strike price, I know that's the point where you reach your maximum profit potential. I'm assuming this is done by exercising the option and selling it back to the buyer of...