Diagonal spread
ダイアゴナル・スプレッド。満期だけでなく権利行使価格も異なるカレンダー・スプレッドで、方向性と時間的価値減少の両方に賭ける性格を持つ。
A diagonal spread combines two options of the same type where you buy one strike and sell another, but the two legs also have different expirations. That mix of different strikes and different dates is what makes it "diagonal" rather than vertical (same date) or horizontal (same strike). Most traders build it with a long-dated option they own and a short-dated option they sell against it.
In practice it's a way to collect premium repeatedly while keeping directional exposure. A common version: buy a 90-day call at the 100 strike and sell a 30-day call at the 105 strike. When the near option expires, you sell another short call against the long one, month after month, lowering your net cost over time. The short leg pays for the theta decay you'd otherwise suffer on the long leg.
The classic mistake is selling the short strike below where the stock might rally to. If price blows past your short strike before the near option expires, gains on the long leg get capped and managing the position gets awkward. Give yourself room, and watch that the long option still has enough time value left to keep the structure working.
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