Strategy

Diagonal Spread

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

Different strikes and expirations

What is Diagonal Spread?

Diagonal Spread A spread using different strikes AND different expirations. Combines features of vertical and calendar spreads. Popular for income with directional bias.

Complete Definition

A spread using different strikes AND different expirations. Combines features of vertical and calendar spreads. Popular for income with directional bias.

Related Terms

Calendar Spread Vertical Spread Pmcc

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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