Calendar Spread
A calendar spread option strategy, also known as a horizontal spread or time spread, involves the simultaneous purchase and sale of two options with the same strike price but different expiration dates. The strategy aims to profit from the time decay of options and changes in implied volatility over time.
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Options
| Action | Qty | Expiration Date | Strike | Type | Price | Delta | IV | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KMX | KMX Leg 1 |
Action
Qty
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Expiration Date
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Strike
Type
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Price
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Delta
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IV
%
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| KMX | KMX Leg 2 |
Action
Qty
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Expiration Date
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Strike
Type
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Price
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Delta
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IV
%
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Trade Information
Calendar Spread
SELL -1 KMX Dec 18, 2026 52.50 call @$4.05
BUY +1 KMX Jan 15, 2027 52.50 call @$5.20
Stock
KMX Current Price
$52.41 USD
KMX Breakeven Price
Between $46.83 and $62.00
Trade Details
Cost of Trade
$115.00 USD
Maximum Profit
$236.43
Maximum Loss
-$115.00
CVaR
Probability Analysis
Probability of Profit (PoP)
Probability of Max Profit
Probability of Max Loss
Risk Reward Analysis
Expected Value (EV)
Expected Return (EV/risk)
Reward/Risk
Position Greeks
Delta (Δ)
Gamma (Γ)
Theta (Θ)
Vega (ν)