What is the max profit of a diagonal 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 diagonal 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 diagonal call spread's profit and loss?

Open the diagonal 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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Diagonal call spread calculator

Bullish calendar. Sell a near call and buy a further-dated call at a different strike.

Open in the calculator All strategies

OutlookBullish

Max profitLimited

Max lossLimited

LevelIntermediate

What is a diagonal call spread?

A diagonal call leans the calendar in the direction of the long back-month strike. You still want front-month decay, but the extra width adds a bullish tilt.

Legs

Sell a near call at A
Buy a later call at a higher strike

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

Live example on SPY

Net debit$53.50

Max loss$147.21

Max profit$746.79

Chance of profitLocked: ProUpgrade

BreakevensBetween $724.62 − $780.71At expiration

756C−112/18 · $19.20
758C+112/31 · $19.73

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 1 758 call expiring Dec 31. Net debit $53.50. Max profit $746.79; max loss $147.21. Breakevens at expiration: Between $724.62 − $780.71.

Open this diagonal 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 diagonal call spread?: A diagonal call leans the calendar in the direction of the long back-month strike. You still want front-month decay, but the extra width adds a bullish tilt.
When does a diagonal call spread make money?: Bullish calendar. Sell a near call and buy a further-dated call at a different strike.
What is the max profit of a diagonal 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 diagonal 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 diagonal call spread's profit and loss?: Open the diagonal 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.