Spreads · neutral
Put Calendar Spread Option Calculator
Sell near-term put, buy longer-dated put same strike. Neutral / pin risk at front expiry.
How this Put Calendar Spread calculator works
This free Put Calendar Spread profit calculator estimates profit and loss across stock prices and dates. Use live quotes and the option chain (via the local data proxy), then review max profit, max loss, breakevens, ROI on risk, probability of profit, and a date × price heatmap or numerical matrix.
- At expiration: intrinsic payoff for each option leg (and stock, if included).
- Before expiration: Black–Scholes theoretical value using each leg’s IV and DTE.
- Multi-expiry: near-term legs settle first; longer-dated legs keep remaining time value (this strategy uses multiple expirations).
Typical legs for a Put Calendar Spread
Default template legs (edit freely or replace from the option chain):
- Leg 1: sell put @ strike template 100, 30 DTE
- Leg 2: buy put @ strike template 100, 60 DTE
When traders use a Put Calendar Spread
Market outlook: neutral. Use the calculator to stress-test strikes and premiums before placing an order. Options involve substantial risk of loss and are not suitable for every investor.
Frequently asked questions
What is a Put Calendar Spread options strategy?
Sell near-term put, buy longer-dated put same strike. Neutral / pin risk at front expiry.
How do I calculate profit and loss for a Put Calendar Spread?
Enter the underlying price, strikes, premiums, and contracts in the Put Calendar Spread calculator. The tool shows max profit, max loss, breakeven points, and a P/L heatmap from now until expiration using Black–Scholes before expiry and intrinsic value at expiration.
Is the Put Calendar Spread strategy neutral?
This strategy is generally considered neutral in market outlook. Always confirm risk, margin, and assignment rules with your broker before trading.
Related Spreads calculators
All strategy calculators
Browse every options strategy calculator on the homepage, including spreads, iron condors, straddles, and custom multi-leg builders.