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Calendar Strangle

Description

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Sells a near dated out of the money call and put, then buys the same two strikes in a later expiration, giving a strangle spread across time instead of a single expiry. Every leg is quoted from bid and ask, with the underlying's last price and previous close for reference, and the net debit or credit is totalled at the top.

The near contracts decaying faster than the far ones while the stock stays inside the strikes is the mechanism, so the strike table sits next to spot to show how much room the position has.

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