What is the max profit of a calendar put 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 put 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 put spread's profit and loss?

Open the calendar put 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 put spread calculator

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

Open in the calculator All strategies

OutlookNeutral

Max profitLimited

Max lossLimited

LevelIntermediate

What is a calendar put spread?

A put calendar is the same time-spread idea on puts. Front-month decay vs the back-month put makes a tent around strike A at the near expiration.

Legs

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

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

Live example on SPY

Net debit$172.50

Max loss$278.37

Max profit$718.41

Chance of profitLocked: ProUpgrade

BreakevensBetween $735.19 − $779.81At expiration

755P−112/18 · $16.18
755P+112/31 · $17.91

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 755 put and buy 1 755 put expiring Dec 31. Net debit $172.50. Max profit $718.41; max loss $278.37. Breakevens at expiration: Between $735.19 − $779.81.

Open this calendar put 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 put spread?: A put calendar is the same time-spread idea on puts. Front-month decay vs the back-month put makes a tent around strike A at the near expiration.
When does a calendar put spread make money?: Neutral to mildly directional. Sell a near put and buy the same strike further out.
What is the max profit of a calendar put 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 put 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 put spread's profit and loss?: Open the calendar put 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.