Calendar Spread Calculator

Results (estimates)

The far leg is priced with Black-Scholes assuming your IV holds at the near expiration. Profit and breakevens are estimates that move with IV; only the net debit is exact. The modelled loss can exceed the debit for Puts.

At this IV the debit is larger than the far leg's remaining value at the strike — the trade has no profitable zone. Lower the debit or raise the IV assumption.

Spread type

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Net debit

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Estimated max profit

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Max loss

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Lower breakeven

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Upper breakeven

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Return on debit

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Far leg life at near expiry

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