Member tool
Double Calendar Visualizer
Sell this month's spreads, buy next month's at the same strikes. You profit if the price sits still — the tent pays for pinning, and movement is the enemy.
Your trade
Type in the numbers from your broker screen. Everything updates as you type.
What the stock, ETF, or index is trading at right now.
Enter a price above zero.
Strikes — same for both expiries
Enter a strike above zero and below the call strike.
Enter a strike above the put strike.
Expiries
The front month: you sell its put spread and call spread.
Enter more than zero days, fewer than the far expiry.
The back month: you buy the same strikes here. This is the decision point's leftover value.
Enter more days than the near expiry.
What you pay for all four legs, per share — the far options' asks minus the near options' bids (×100).
Enter a debit above zero.
Your guess at volatility when the near options expire — this prices the far options' leftover value.
Enter a volatility above zero.
Profit / loss at the near expiry
The profit tent — the near options expire, the far options are re-priced with their remaining days.
How the math worksEvery formula, in one line each
Double Calendar Visualizer: questions
Straight answers about the trade this tool maps.
What is a double calendar spread?
Two calendars at once: you sell a near-dated put and call, and buy the same strikes further out in time. The near options decay faster, so the position profits if the price sits still between the strikes. Our double calendar guide explains when it fits.
What is the profit tent?
The shape of the P&L at the near expiry: highest when the price pins between the strikes, falling off on both sides. The peak is where both near options expire worthless and the far pair holds the most value. The tool scans for that peak and both breakevens.
What is the max loss on a double calendar?
In practice, about the net debit you paid. A sharp move either way leaves both pairs with little value left between them, and a volatility crush shrinks the far options you own. The tool shows the worse of a total crash and a hard rally.
Why does volatility matter so much here?
You own the far-dated options, so their value at the near expiry depends on implied volatility then. The tool re-prices them with the volatility you enter. If volatility falls after you enter, the tent shrinks even if the price never moves.
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