Run a Call Calendar and a Put Calendar side by side, both centered around the current price. The result is a wider 'tent' of profitability than a single calendar spread offers.
Double Calendar is a sideways / range-bound options trading strategy (4 legs) engineered for limited risk profiles in low iv expecting iv rise market environments.
Peak value at either strike on short expiration
Total Debit Paid
Dual breakeven bounds
| Action | Contract Type | Strike Selection | Quantity |
|---|---|---|---|
| SELL | PUT | OTM Put (Near Expiration) | 1x |
| BUY | PUT | OTM Put (Far Expiration) | 1x |
| SELL | CALL | OTM Call (Near Expiration) | 1x |
| BUY | CALL | OTM Call (Far Expiration) | 1x |
The bread-and-butter income trade for a range-bound market. Stack a Bear Call Spread on top of a Bull Put Spread, collect the combined credit, and let the stock chop sideways while theta pays you.
🔁 Sideways / Range-BoundThe condor's tighter, higher-conviction cousin. Sell an ATM call and ATM put right at the money, buy OTM wings for protection. Bigger credit, but the stock needs to stay much closer to your center strike.
🔁 Sideways / Range-BoundAs pure as premium-selling gets — sell an ATM call and an ATM put, same strike, same expiry. Maximum premium collected, but maximum exposure too if the stock decides to move hard in either direction.
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