Strategy

Back Month

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Longer-dated expiration in a spread strategy

What is Back Month?

Back Month The longer-dated expiration in a multi-expiration options strategy. In a calendar spread, the back month is the option you buy (longer-dated), which retains more value as the front month decays. Back-month options have higher vega, making them more sensitive to implied volatility changes.

Complete Definition

The longer-dated expiration in a multi-expiration options strategy. In a calendar spread, the back month is the option you buy (longer-dated), which retains more value as the front month decays. Back-month options have higher vega, making them more sensitive to implied volatility changes.

Related Terms

Front Month Calendar Spread Diagonal Spread Vega

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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