Strategy

Double Diagonal

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

Two diagonal spreads creating a time decay position

What is Double Diagonal?

Double Diagonal A combination of two diagonal spreads — a put diagonal and a call diagonal — creating a position similar to a double calendar but with different strikes for the near-term and long-term options. Profits from time decay on the short near-term options while the longer-term options provide protection.

Complete Definition

A combination of two diagonal spreads — a put diagonal and a call diagonal — creating a position similar to a double calendar but with different strikes for the near-term and long-term options. Profits from time decay on the short near-term options while the longer-term options provide protection.

Related Terms

Diagonal Spread Calendar Spread Iron Condor

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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