Strategy

Calendar Spread

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

Same strike, different expirations

What is Calendar Spread?

Calendar Spread A strategy using options at the same strike but different expirations. Typically sell near-term, buy longer-term. Profits from time decay differential and IV expansion.

Complete Definition

A strategy using options at the same strike but different expirations. Typically sell near-term, buy longer-term. Profits from time decay differential and IV expansion.

Related Terms

Diagonal Spread Time Spread Horizontal Spread

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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