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Calendar Put
oscillateCalendar Put is also known as Horizontal Spread. It is a neutral to bullish strategy wherein you buy long term option and sell near term option of same strike but different expiry
Example:
| Instrument | Qty | Price |
|---|---|---|
| SELL NIFTY 30-Jun-26 24100 PE | 65 | 108.2 |
| BUY NIFTY 07-Jul-26 24100 PE | 65 | 187.4 |
When To Execute?
Calendar Put needs to be executed when you expect stock to remain range bound or rise steadily and not too far too fast. The objective is to generate income against long term option by selling near term option and gaining premium
Trade
If view is neutral then one can select ATM option while if one is bullish then we can select ITM option. Sell near expiry put and buy next expiry put at same strike
Advantages
Generate monthly income
Can profit from range bound stocks and make a higher yield than with a Covered Call or Naked Put
Disadvantages
Capped upside if the stock rises
Can lose more than initial outflow on the downside also can lose on upside if the stock rises significantly
High yield does not necessarily mean a profitable or high probability profitable trade.
Maximum Profit
Maximum reward is limited to the residual Put value when the stock is at the strike price at the first expiration, less the net debit.
Maximum Loss
Maximum risk on the trade itself is limited to the net debit of the bought Put minus the sold Put