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Assume I bought a Bull Debit Spread for $100-$105 on stock XYZ, which was trading at $101 at the time. The total cost of the spread is $250, so my maximum theoretical profit is $250.

Assume also, that immediately after I bought the spread, the stock price goes to $106 and stays at 106 forever.

What I don't understand is what exactly happens when I close my spread? Is somebody actually buying the spread?

Or am I just exercising the Buy part of the spread and covering it with the Sell part of the spread?
If this is the case, then I have these two additional questions:
* Why is the profit still dependent on the time to expiration? (profit keeps going up until it reaches max profit very near or at expiration).
* The stock price is already above both strike prices, so if I decide to close my spread, why don't I get the maximum profit immediately, and have to wait until the expiration is near?

Thanks! :)
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