Hi guys,
I am a newbie starting to study up on Vertical spreads. But there are a few thing I can't seem to understand


Lets say:

XYZ trading at $100

I SELL a vertical put for $2.00 debit
Sell : $95 PUT
Buy : $90 PUT

1. So what is my break even? Is it $97 or $92 ?

2. Lets say the stock moves down to the price I SOLD the put at ($95), does it automatically get exercised and I end up with negative 100 shares of XYZ?

3. Or is there a way where I can put a "Limit - 'buy to close' " order as soon as I sell the put, meaning the order executes to buy back the shares I sold at a "certain (I guess market at the time)" price?

4. Do I see the "credit" for the sale instantly or when the options expire?

5. If the stock if trading at $100 at the time of expiration, do I let "both" the Sell and Buy put expire? Or should I / do I need to Buy and Sell to close them out?

I know that's a LOT of questions, but I would really appreciate the help.