Calendar spread
Sell the near expiry, buy the far one at the same strike. A trade on the term structure rather than on direction.
BIASNeutral
VOL VIEWTerm steep
RISKDefined
STRUCTURETIME
CALNPAYOFF AT EXPIRY
LEGSLIVE CHAIN—
| ACTION | QTY | TYPE | STRIKE | LAST |
|---|
The near option decays faster than the far one, so time passing with the index pinned is the profit engine. Pricing it needs the far expiry's chain, which this sheet does not carry yet -- the live numbers below cover the near leg only.