What is the max profit of a calendar call spread?

Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.

What is the max loss of a calendar call spread?

Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.

How do I calculate a calendar call spread's profit and loss?

Open the calendar call spread in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.

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Calendar call spread calculator

Neutral to mildly directional. Sell a near call and buy the same strike further out.

Open in the calculator All strategies

OutlookNeutral

Max profitLimited

Max lossLimited

LevelIntermediate

What is a calendar call spread?

A call calendar is long time value. The short front call decays faster. At the front expiration the back call still has premium, so the chart is a tent around the shared strike rather than a vertical.

Legs

Sell a call at A on the near date
Buy a call at A on the far date

Payoff at expiration, sketched. The live example below has the real prices.

Live example on SPY

Net debit$180.00

Max loss$180.00

Max profit$730.62

Chance of profitLocked: ProUpgrade

BreakevensBetween $734.02 − $786.41At expiration

756C−112/18 · $19.20
756C+112/31 · $21.00

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 756 call and buy 1 756 call expiring Dec 31. Net debit $180. Max profit $730.62; max loss $180. Breakevens at expiration: Between $734.02 − $786.41.

Open this calendar call spread in the calculator to move the strikes, change the date and implied volatility, and read profit and loss by price and date.

Questions

What is a calendar call spread?: A call calendar is long time value. The short front call decays faster. At the front expiration the back call still has premium, so the chart is a tent around the shared strike rather than a vertical.
When does a calendar call spread make money?: Neutral to mildly directional. Sell a near call and buy the same strike further out.
What is the max profit of a calendar call spread?: Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.
What is the max loss of a calendar call spread?: Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.
How do I calculate a calendar call spread's profit and loss?: Open the calendar call spread in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.