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.

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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