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Calendar spread

STO (sell to open) a near-term option and BTO (buy to open) the same strike later. Different expirations, two tickets each way.

STO (sell to open) the front-month call, BTO (buy to open) the later call, same strike. Net debit. Best if price sits near K into the front date. A print before the short expires: stand aside.

AAPL $190. STO (sell to open) 14-DTE (days to expiration) $190 call at $3.50. BTO (buy to open) 42-DTE (days to expiration) $190 call at $6.00. Debit $2.50. Write both dates on the journal.

The lab uses one slider: front = days, back = days + 28. That is a teaching clock, not two Yahoo expirations.

Calendar — two clocks, one strikeSell the near expiration, buy the later one at the same strike. Best if price sits near K into the front date.Calendar — two clocks, one strikeTeaching sketchSTO · FRONT14 DTE · $190Collect $3.50. You want it to shrink.Best if AAPL stays near $190.BTO · BACK42 DTE · $190Pay $6.00. Net debit $2.50.This long remains if the front dies.Same K, two dates. A gap through $190 can hurt both versus the debit.Opening: STO front + BTO back. Flatten: BTC front + STC back.
STO 14-DTE $190 call, BTO 42-DTE $190 call. Debit $2.50. Write both dates. Close is BTC front + STC back. A print before the short expires is a common stand-aside.

Teaching lab

Same strike, two clocks

AAPL $190. STO front $190 call at $3.50. BTO back at $6.00. Slider is the front; back is +28 days.

P/L / share
+0.54
×100
+54
Delta
+0.017
Gamma
-0.0182
Theta / day
+0.0562
Vega / vol pt
+0.1076

P/L / share

vs the lesson entry

0.550.00-2.49$150$170K $190$210$230

Delta

share-equivalent

0.150.00-0.11$150$170K $190$210$230

Gamma

peaks near the strikes

0.0090.000-0.018$150$170K $190$210$230

Theta / day

clock

0.0560.000-0.025$150$170K $190$210$230

Vega / vol pt

fear priced in

0.1310.005$150$170K $190$210$230

Rho / rate pt

small at 14 days

0.1420.001$150$170K $190$210$230

Teaching lie: one slider, back = days + 28. Not two Yahoo expirations.

Try it: What if (teaching lab)

Tickets for this structure

BTO (buy to open) · STO (sell to open) · BTC (buy to close) · STC (sell to close). Illustrative fills only. We never send these orders.

STO (sell to open)

Open a short

Sell to open (front)

AAPL $190. STO (sell to open) 1× 14-DTE (days to expiration) $190 call at $3.50. You want that short to shrink near $190.

BTO (buy to open)

Open a long

Buy to open (back)

BTO (buy to open) 1× 42-DTE (days to expiration) $190 call at $6.00. Debit $2.50. Two expirations, one strike.

BTC (buy to close)

Close a short

Buy to close (front)

BTC (buy to close) the 14-day short before it expires. Front gone: leftover is a plain long call.

STC (sell to close)

Close a long

Sell to close (back)

Flatten: BTC (buy to close) front (if alive) + STC (sell to close) back. A gap through $190 can hurt both versus the debit.

Two clocks

Calendars fail the “one expiration” habit. Write both dates on the journal. Opening is always STO (sell to open) front + BTO (buy to open) back. Closing is BTC (buy to close) front + STC (sell to close) back, unless one leg already expired.

How the Greeks move

Short front, long back, same strike: you want the stock near K so the front dies faster than the back. Slide days down: the short’s theta is the story. A gap through $190 hurts both versus the debit.

Checking for a quiz…

Teaching numbers only — not a live quote, not a fill, not financial advice. All lessons · Back to Practice · Replay · Journal.