Put Calendar Spread

neutral2 legs

Also known as: Horizontal Put Spread · Time Spread

Sell near-dated put + buy farther-dated put at the SAME strike.

This structure spans two expirations, so its outcome can't be drawn as a single at-expiration curve — the short leg expires first and the position transforms. Model it interactively in the Strategy Lab.

How it works

Sell a near-dated put and buy a longer-dated put at the same strike — the put-side twin of the call calendar, harvesting near-dated decay.

When to use it

When you expect the stock to hold near the strike short-term, with downside opinion (or hedging need) further out.

What can go wrong

Sharp moves in either direction hurt, and the two expirations mean the risk picture changes after the short leg expires.

Price it live in the Strategy Lab Paper trade it free

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Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.