1. Home
  2. Best lists
  3. Best Stocks for Calendar Spreads: 10 Ranked

Best lists

Best Stocks for Calendar Spreads: 10 Ranked

Ten names ranked by the steepness of their volatility term structure — the spread between near and far month that a calendar actually monetises.

Updated Calendar SpreadsTerm StructureLive Data
On this page
  1. The short answer
  2. The full ranking
  3. Questions
  4. Keep reading
Updated 8 min read By ApexVol Research Team Fact-checked

The short answer

A calendar spread sells the front month and buys a later one, so it profits when near-term volatility is cheap relative to longer-dated volatility. That relationship is the term structure, and its slope — contango — is the single measurement that says whether a calendar is worth opening on a given name.

Most calendar screens rank by implied volatility, which is the wrong axis entirely: a calendar is close to volatility-neutral in level and directional in slope. This screen ranks on term-structure contango so the ordering reflects what the trade is actually exposed to.

ApexVol screens 417 optionable names for this list, requiring a $10+ share price and 5,000+ contracts of average daily option volume before ranking. Ranked by contango, the slope of the volatility term structure between near and far expirations. Requires $10+ share price and 5,000+ contracts average daily option volume so both legs are tradable.

ApexVol · ApexVol screening methodology · methodology

Ranked at a glance

10 picks,
in order.

Ranked by contango, the slope of the volatility term structure between near and far expirations. Requires $10+ share price and 5,000+ contracts average daily option volume so both legs are tradable.

Rank Name Key stat Description
1 SMMT IV percentile 82 (IV 111.8%) Term structure slopes at 9.3, so front-month volatility is cheap against the back month. 30-day IV 112%, IV rank 82, on 10K contracts a day.
2 ASST IV percentile 5 (IV 77.8%) Term structure slopes at 3.5, so front-month volatility is cheap against the back month. 30-day IV 78%, IV rank 5, on 43K contracts a day.
3 CELH IV percentile 51 (IV 49.7%) Term structure slopes at 2.4, so front-month volatility is cheap against the back month. 30-day IV 50%, IV rank 51, on 20K contracts a day.
4 FTNT IV percentile 96 (IV 62.5%) Term structure slopes at 2.2, so front-month volatility is cheap against the back month. 30-day IV 62%, IV rank 96, on 8K contracts a day.
5 TTD IV percentile 37 (IV 54.4%) Term structure slopes at 2.1, so front-month volatility is cheap against the back month. 30-day IV 54%, IV rank 37, on 46K contracts a day.
6 RDW IV percentile 6 (IV 80.3%) Term structure slopes at 2.1, so front-month volatility is cheap against the back month. 30-day IV 80%, IV rank 6, on 18K contracts a day.
7 PCG IV percentile 92 (IV 41.8%) Term structure slopes at 2.1, so front-month volatility is cheap against the back month. 30-day IV 42%, IV rank 92, on 180K contracts a day.
8 KLAR IV percentile 2 (IV 44.0%) Term structure slopes at 2.0, so front-month volatility is cheap against the back month. 30-day IV 44%, IV rank 2, on 11K contracts a day.
9 MSTX IV percentile 34 (IV 131.3%) Term structure slopes at 1.9, so front-month volatility is cheap against the back month. 30-day IV 131%, IV rank 34, on 10K contracts a day.
10 USAR IV percentile 2 (IV 70.8%) Term structure slopes at 1.8, so front-month volatility is cheap against the back month. 30-day IV 71%, IV rank 2, on 35K contracts a day.

  1. SMMT Top pick

    Term structure slopes at 9.3, so front-month volatility is cheap against the back month. 30-day IV 112%, IV rank 82, on 10K contracts a day.

    IV percentile 82 (IV 111.8%), measured 2026-09-30

    Ideal for 9.3 contango

    See SMMT live in the Terminal →

  2. ASST

    Term structure slopes at 3.5, so front-month volatility is cheap against the back month. 30-day IV 78%, IV rank 5, on 43K contracts a day.

    IV percentile 5 (IV 77.8%), measured 2026-09-30

    Ideal for 3.5 contango

    See ASST live in the Terminal →

  3. CELH

    Term structure slopes at 2.4, so front-month volatility is cheap against the back month. 30-day IV 50%, IV rank 51, on 20K contracts a day.

    IV percentile 51 (IV 49.7%), measured 2026-09-30

    Ideal for 2.4 contango

    See CELH live in the Terminal →

  4. FTNT

    Term structure slopes at 2.2, so front-month volatility is cheap against the back month. 30-day IV 62%, IV rank 96, on 8K contracts a day.

    IV percentile 96 (IV 62.5%), measured 2026-09-30

    Ideal for 2.2 contango

    See FTNT live in the Terminal →

  5. TTD

    Term structure slopes at 2.1, so front-month volatility is cheap against the back month. 30-day IV 54%, IV rank 37, on 46K contracts a day.

    IV percentile 37 (IV 54.4%), measured 2026-09-30

    Ideal for 2.1 contango

    See TTD live in the Terminal →

  6. RDW

    Term structure slopes at 2.1, so front-month volatility is cheap against the back month. 30-day IV 80%, IV rank 6, on 18K contracts a day.

    IV percentile 6 (IV 80.3%), measured 2026-09-30

    Ideal for 2.1 contango

    See RDW live in the Terminal →

  7. PCG

    Term structure slopes at 2.1, so front-month volatility is cheap against the back month. 30-day IV 42%, IV rank 92, on 180K contracts a day.

    IV percentile 92 (IV 41.8%), measured 2026-09-30

    Ideal for 2.1 contango

    See PCG live in the Terminal →

  8. KLAR

    Term structure slopes at 2.0, so front-month volatility is cheap against the back month. 30-day IV 44%, IV rank 2, on 11K contracts a day.

    IV percentile 2 (IV 44.0%), measured 2026-09-30

    Ideal for 2.0 contango

    See KLAR live in the Terminal →

  9. MSTX

    Term structure slopes at 1.9, so front-month volatility is cheap against the back month. 30-day IV 131%, IV rank 34, on 10K contracts a day.

    IV percentile 34 (IV 131.3%), measured 2026-09-30

    Ideal for 1.9 contango

    See MSTX live in the Terminal →

  10. USAR

    Term structure slopes at 1.8, so front-month volatility is cheap against the back month. 30-day IV 71%, IV rank 2, on 35K contracts a day.

    IV percentile 2 (IV 70.8%), measured 2026-09-30

    Ideal for 1.8 contango

    See USAR live in the Terminal →

Live data, refreshed October 1, 2026. October 2026 data refresh: rebuilt from 417 liquid names on the 2026-09-30 data snapshot. Top pick SMMT at 9.3 contango.

Check Term Structure Screen the Market

ApexVol Terminal

Options analytics, live.

Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.

  • Live chains and Greeks
  • IV rank and percentile
  • Expected move and GEX
  • Screener and strategy P&L
Start 7-day free trial Open the Terminal

Free on AAPL, no account. Trial: no charge if you cancel before it ends.

Try this with real market data. 5,500+ stocks, live options chains, IV analytics and P&L. 7-day free trial.

Run the numbers before you trade. P&L chart, breakeven & Greeks for any options trade. Free, no signup. Or model any multi-leg trade in the options profit calculator.

Options Profit Calculator
Written by
ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use.
Reviewed by
Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.

Revised as market conditions and institutional data change. Last revised 2026-10-01. How we research →

Questions

About this ranking.

What is contango in options term structure?

Contango means longer-dated implied volatility trades above near-dated. It is the normal state for equity options, and the steeper it is the more a calendar spread collects for selling the front month against the back. Backwardation — the reverse — usually signals an imminent event and is hostile to calendars.

When does a calendar spread lose money?

When the stock moves sharply away from the strike, or when near-term volatility rises relative to longer-dated. Both destroy the structure: the first pushes the position away from its peak profit zone, the second inverts the very relationship the trade was opened to harvest.

Which strike should a calendar use?

At the money, if you want the neutral version. A calendar reaches maximum profit with the stock sitting at the strike at front-month expiration, so placing the strike at the current price maximises that zone. Moving it away turns the trade directional.

Why rank by contango instead of implied volatility?

Because a calendar is roughly neutral to the level of volatility and directly exposed to its slope. Two names at identical 40% implied volatility can have completely different calendar economics if one is in steep contango and the other is flat. Ranking on level would miss that entirely.

The free weekly IV report. IV rank movers, volatility notes and options market analysis, weekly.

No account needed. Unsubscribe any time.

Keep reading

Where this list
points next.

Calendar Spread StrategyConstruction, timing and management. Calendar Spread CalculatorTime-spread P&L and breakeven. Calendar vs Diagonal SpreadStrike geometry compared. Start VolcademyLesson 1 of the free options course: calls, puts and the contract. Expected move calculatorWhat the options market prices for a stock by a date. Theta decay calculatorHow much an option loses each day, and when it speeds up. Every best listThe other rankings, by strategy, by ticker and by regime.

Read the ranking.
Then price the trade.

Every figure on this page comes from the same institutional data the Terminal runs on. Open it on AAPL and check the chain yourself, no account needed.

Start free trial Create a free account

Real market data, not a sandbox. See it live on AAPL.