Calendar Spread Calculator
A calendar spread sells a near-dated option and buys a longer-dated option at the same strike, often to trade differences in time decay and implied volatility.
Spread Configuration
Short Option (Near-Term)
Typically 30-45 days to expiration
Long Option (Longer-Term)
Typically 60-90 days to expiration
Enter option details to see payoff diagram
Trade Summary
Note: Calendar spread P&L depends heavily on implied volatility changes. This calculator shows approximate values at front-month expiration.
Net Debit
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Target Price
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Commonly asked Calendar Spread questions
What is a calendar spread?
Same strike, two expirations: typically short the front month and long the back month. P&L depends on theta, IV, and where the stock lands at the short expiry.
Call calendar vs put calendar?
Call calendars lean on call skew and upside path; put calendars on downside path. Mechanics are similar with puts vs calls.
Why does IV matter?
Calendar value is sensitive to implied volatility in the long leg vs short leg; rising IV often helps long vega in the back month.
What is max loss?
Often approximated by the net debit paid to open the spread, before fees—check your broker risk graph.
When do traders close?
Many close or roll the short leg near its expiration to avoid pin risk and gamma spikes.
Calendar vs diagonal?
Diagonal spreads use different strikes and expirations; pure calendar uses the same strike.
Related Calculators
Daily Cumulative P&L
$33,989.51+$32,609.07
Avg Trade: $60.80
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Best Performing
Morning Breakouts
82% Win Rate
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