A put calendar sells a near-term put and buys a longer-term put at the same strike, profiting from the faster decay of the front option. The put-based mirror of the call calendar — multi-expiration, defined risk.
Open the Put Calendar Spread calculator →You sell a near-term put and buy a longer-term put at the same strike. The near option decays faster than the far one, so the spread profits from time passing while the stock sits near the strike — a tent-shaped payoff centred on that strike.
Because the two legs expire on different dates, the far put still holds time value when the near put expires, which is what creates the profit zone around the strike.
Maximum loss is the net debit paid, reached if the stock moves far from the strike in either direction or implied volatility falls. Like all calendars, it actually benefits from a rise in implied volatility, since the longer-dated leg gains more than the short one.
Choose the strike to match your bias: at the money for neutral, slightly below the price for a soft-bearish lean. Manage it by closing for a partial profit rather than holding for a perfect pin.
Use the free OptionProfit Put Calendar Spread calculator to load a live option chain, build the trade, and instantly see the payoff chart, breakevens, probability of profit, Greeks and a Monte Carlo simulation of outcomes.
The payoff is nearly identical at the same strike — both profit from time decay near the strike. Traders pick puts or calls based on a slight directional lean or which side has richer premium.
A large move away from the strike, or a drop in implied volatility, both of which reduce the value of your longer-dated long put relative to the trade.
Yes — the most you can lose is the net debit you paid to open the spread.
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