ITM Call Spread expiring in the money

[gtg401g]

Hey all: I've got a couple of questions that I hope you guys can answer:

What happens when:
(1) an ITM call spread expires in the money where both the lower strike long call and the higher strike short call are in the money and have the same expiry?
(2) a higher strike short call expires in the money where I also have a longer-dated lower strike long call in my account?

and what happens in (1) or(2) if I don't have the margin for assignment of the short call position?

 

[ferrycorsten]

Hey all: I've got a couple of questions that I hope you guys can answer:

What happens when:
(1) an ITM call spread expires in the money where both the lower strike long call and the higher strike short call are in the money and have the same expiry?
(2) a higher strike short call expires in the money where I also have a longer-dated lower strike long call in my account?

and what happens in (1) or(2) if I don't have the margin for assignment of the short call position?

1. at expiry u simultaneously buy the lower strike and sell the higher one. your profit is the width of the spread less the amount u paid for the spread.

2. u get assigned on the short call meaning monday u are short 100 shares.