{"id":252049,"date":"2026-07-31T11:54:58","date_gmt":"2026-07-31T15:54:58","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=252049"},"modified":"2026-07-31T11:55:01","modified_gmt":"2026-07-31T15:55:01","slug":"the-anatomy-of-a-calendar-spread","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/","title":{"rendered":"The Anatomy of a Calendar Spread"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Calendar spreads can offer traders a way to express views on volatility and time\u2014not just market direction. In this episode, Jeff Praissman and Dmitry Pargamanik of Market Chameleon break down the anatomy of a calendar spread, covering implied volatility, vega, event risk, assignment considerations, and what separates a well-structured trade from a risky one.<\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/07\/pod-20260717-mktcham_final_disclosures_mixdown.mp3\"><\/audio><\/figure>\n\n\n\n<h2 id=\"h-summary-ibkr-podcasts-ep-412\" class=\"wp-block-heading\">Summary \u2013 IBKR Podcasts Ep. 412<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hi, everyone. This is Jeff Praissman with Interactive Brokers Podcast.&nbsp;It&#8217;s&nbsp;my pleasure to welcome back to the IBKR Podcast Studio, Dmitry Pargamanik from Market Chameleon. Hey, Dmitry, how are&nbsp;you?&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hey, Jeff.&nbsp;Thanks&nbsp;for having me.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-0\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I always love having you swing by the studio after you do your webinars.&nbsp;And for our listeners, Dmitry and Will from Market Chameleon do a morning show on YouTube every day. What is it? At 9:00 AM, Dmitry, that it starts?&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-0\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, we usually do look right at 9:00 AM before the market opens.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-1\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">They&#8217;re&nbsp;also frequent contributors to the IBKR Campus through articles, webinars, and our monthly podcast as well. So, Dmitry, today&nbsp;we&#8217;re&nbsp;gonna&nbsp;kinda&nbsp;follow up on the&nbsp;webinar&nbsp;you just did on calendar spreads. And I&nbsp;wanna&nbsp;kinda&nbsp;kick it off with a question of, you know, why do calendar spreads offer a unique way for traders to, you know, express their market view beyond simply just being bullish or bearish?&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-1\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah. And, you know, calendar&nbsp;spreads,&nbsp;you know,&nbsp;it&#8217;s&nbsp;an interesting strategy.&nbsp;Actually, we&nbsp;looked it up because one of the customers just asked us, &#8220;Well, how popular are calendar spreads?&#8221; And when you look at strategies, you know, multi-leg strategies, right now&nbsp;it&#8217;s&nbsp;the second most popular after vertical spreads, although&nbsp;vertical spreads are much more, you know,&nbsp;maybe like&nbsp;10 times more popular than calendar spreads.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And vertical spreads usually let you, you know, express a bullish or bearish view. In a calendar spread,&nbsp;you&#8217;re&nbsp;looking at two different expirations where&nbsp;you&#8217;re&nbsp;buying&nbsp;an option&nbsp;in one&nbsp;expiration, selling&nbsp;an option&nbsp;in a different&nbsp;expiration&nbsp;on the same strike. And that has a different type of risk profile and outlook because now&nbsp;you&#8217;re&nbsp;looking at a term structure where the implied volatility of two different expirations, you know, could be different.&nbsp;And by trading that strategy,&nbsp;you&#8217;re&nbsp;trying to take or capitalize on that difference in the premiums between two different expirations.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-2\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And, you know, Dmitry, we always seem to talk about implied volatility when&nbsp;you guys&nbsp;are on. And this is no different, right? So implied volatility is&nbsp;really actually&nbsp;a key component. I mean,&nbsp;it&#8217;s&nbsp;a key&nbsp;component&nbsp;of options in general, but&nbsp;definitely a&nbsp;key&nbsp;component&nbsp;of calendar spread trading. So how should investors think about volatility when&nbsp;they&#8217;re&nbsp;evaluating these strategies?&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-2\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.&nbsp;So&nbsp;when we look at a calendar spread, there are a couple&nbsp;things&nbsp;about calendar spreads. When we look at the&nbsp;vega&nbsp;risk of an option, the&nbsp;vega&nbsp;risk of a longer-term, longer-dated option is much higher than a shorter-term option because that option has more premium and&nbsp;it&#8217;s&nbsp;more sensitive to one implied volatility move.&nbsp;Okay?&nbsp;So&nbsp;it&#8217;s&nbsp;not&nbsp;exactly the same&nbsp;if, you know, you have two options, you know, one that expires in&nbsp;10 days, and&nbsp;let&#8217;s&nbsp;say one expires in 100 days. Well, the&nbsp;vega&nbsp;risk with that 100-day option is much higher.&nbsp;So&nbsp;one volatility&nbsp;click, you know, in an option with&nbsp;100 days&nbsp;to go might,&nbsp;let&#8217;s&nbsp;just say, increase or decrease by 20 cents, while the corresponding 10-day option could be a penny.&nbsp;So there&#8217;s an implied volatility difference, but there&#8217;s also a&nbsp;vega&nbsp;risk associated with each option that, you know, each trader has to understand because one volatility click move in a 100-day option can correspond to 10 vol clicks in the shorter-dated option, right?&nbsp;So&nbsp;it&#8217;s&nbsp;not, you know, one for one when each of them moves.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So&nbsp;that&#8217;s&nbsp;an important piece to understand. Well, what does one vol click correspond to from a longer-dated option to a shorter-dated one? Because, you know, when you&#8217;re looking, for example, at some kind of a reversion, you know, if one vol click goes down by one and the other one goes down by five, that might not be enough, you know, to offset.&nbsp;So&nbsp;you have an implied volatility difference, but you also have a&nbsp;vega&nbsp;component&nbsp;that you need to factor in.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-3\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, and&nbsp;that&#8217;s&nbsp;a good point with the different expirations because so many&nbsp;standard, you know, spreads like verticals and straddles and strangles are all the same&nbsp;expiration. And that kind of, you know, leads me perfectly to my next question because, you know, so many traders just focus on, you know, stock price direction.&nbsp;But really, time is such&nbsp;an important factor&nbsp;when it comes to calendar spreads. You know,&nbsp;kind of dig&nbsp;a little bit more into that.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-3\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.&nbsp;So&nbsp;with calendar spreads, you have two different components, you know, and you have two different expirations. And those expirations could cover different things as well.&nbsp;So&nbsp;a certain&nbsp;expiration&nbsp;can cover,&nbsp;let&#8217;s&nbsp;say, earnings, and another one&nbsp;doesn&#8217;t&nbsp;cover earnings, you know, or covers an event.&nbsp;One can cover a different type of event while the other one&nbsp;doesn&#8217;t.&nbsp;So&nbsp;the timing really matters when you put these spreads on, you know, unlike a vertical spread, which covers the exact same&nbsp;timeframe. They expire all at the same time in a vertical spread.&nbsp;With a calendar spread, well, you have this strategy, but the strategy really ceases to exist after that first&nbsp;expiration, right?&nbsp;So&nbsp;after the first&nbsp;expiration, what will happen is, well, your shorter-dated&nbsp;option, if&nbsp;it&#8217;s&nbsp;worthless, goes away. Now you have just that longer-dated&nbsp;option. If&nbsp;it&#8217;s&nbsp;in the money, well, that will get assigned unless you close out of it.&nbsp;So&nbsp;if you get assigned, well, then&nbsp;you&#8217;re&nbsp;left with a position where you have a stock position and an option position.&nbsp;So&nbsp;the time there really matters with options, how you&nbsp;put on&nbsp;that spread, and all the&nbsp;different factors&nbsp;that play into the time&nbsp;component.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-4\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And how can, you know, investors&nbsp;determine&nbsp;whether a calendar spread, you know, appears&nbsp;relatively expensive&nbsp;or cheap before entering the trade?&nbsp;&#8216;Cause&nbsp;they&#8217;re&nbsp;really dealing with, again, back to those two expirations.&nbsp;It&#8217;s&nbsp;a little hard to&#8230;&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-4\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-5\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"> &#8230;apples to&nbsp;apples.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-5\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.&nbsp;That&#8217;s&nbsp;the issue with time&nbsp;spreads. Okay, now we have these two different&nbsp;expirations. They have different implied&nbsp;volatilities&nbsp;and different relationships&nbsp;relative&nbsp;to each other. So how do we know, you know, if&nbsp;it&#8217;s&nbsp;the combination of that spread on the low end or high end, right?&nbsp;So implied volatility alone&nbsp;doesn&#8217;t&nbsp;tell us. You know, an implied volatility benchmark alone&nbsp;won&#8217;t&nbsp;tell us because we need to know the relationship&nbsp;of&nbsp;buying one versus the other.&nbsp;So&nbsp;there you have to create a different benchmark where you measure, historically, that actual combination, that strategy.&nbsp;And then you could get, just like you would with implied volatility, a low-end, high-end, average, and median value for that strategy and then compare that to the market prices.&nbsp;So&nbsp;it involves creating a new type of benchmark that&#8217;s more specific to, you know, where the strikes are&nbsp;relative&nbsp;to the spot price and how much time is left to&nbsp;expiration&nbsp;in each of those components.&nbsp;Using those conditions, then&nbsp;you&#8217;d&nbsp;have to go in history, find those conditions, and see historically where that spread, you know, was valued.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-6\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah. And how does that, you know, relationship between short-term and longer-term&nbsp;option&nbsp;pricing, how&nbsp;does it play into the success of a, you know, calendar spread?&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-6\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah. So, you know, when we look at a&#8230; There are a few things in a calendar&nbsp;spread&nbsp;where you have a certain outlook.&nbsp;So&nbsp;I&#8217;ll&nbsp;go over a long calendar spread because a short calendar spread would just be the opposite of that outlook.&nbsp;So, a long calendar spread.&nbsp;Let&#8217;s&nbsp;say you have two calls on the same strike, you know, and&nbsp;you&#8217;re&nbsp;buying a longer-term&nbsp;option, selling a shorter-term&nbsp;option. Well, one piece of it is you do have some directional bias because the sweet spot for that spread is that the stock floats right to the strike price at&nbsp;expiration, the first&nbsp;expiration, right?&nbsp;So&nbsp;if you pick higher strikes, you want the stock to go up to that strike. If you pick lower strikes, you want the stock to go lower to hit that strike.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reason behind it is, well, if you&#8217;re&nbsp;short&nbsp;the shorter-dated option and the stock expires right at the money, let&#8217;s just say, you know, where you don&#8217;t get assigned or exercised, well, that premium that you sold it for, you keep, right? It&nbsp;goes&nbsp;worthless.&nbsp;So&nbsp;you sold&nbsp;an option&nbsp;that&#8217;s&nbsp;worthless. It goes away, so&nbsp;that&#8217;s&nbsp;a great scenario for you.&nbsp;And at the same time, the&nbsp;option&nbsp;that&nbsp;you&#8217;re&nbsp;long, well,&nbsp;that&#8217;s&nbsp;exactly at&nbsp;the money. And when an option&#8217;s&nbsp;exactly at&nbsp;the money,&nbsp;that&#8217;s&nbsp;where the time premium is the highest because&nbsp;it&#8217;s&nbsp;all time premium, right? You know,&nbsp;there&#8217;s&nbsp;no intrinsic value.&nbsp;It&#8217;s&nbsp;all time premium, and&nbsp;it&#8217;s&nbsp;right at the spot where&nbsp;it&#8217;s&nbsp;the most time premium, right?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So&nbsp;that&#8217;s&nbsp;one outlook and bias. But the other one is that if&nbsp;you&#8217;re&nbsp;long that&nbsp;option, you want implied volatility to go up in the&nbsp;option&nbsp;you&#8217;re&nbsp;long.&nbsp;So&nbsp;since&nbsp;you&#8217;re&nbsp;long the longer-dated&nbsp;option, your outlook is&nbsp;you&#8217;re&nbsp;hoping that the implied volatility on that&nbsp;option&nbsp;increases, you know, over time or, you know, from the time you bought it.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So&nbsp;you have those two types of factors that come into play, or outlook, when&nbsp;you&#8217;re&nbsp;executing a calendar&nbsp;spread.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-7\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And&nbsp;I&#8217;d&nbsp;imagine, again, that there are potentially different risks traders are taking when&nbsp;they&#8217;re&nbsp;doing calendar spreads versus, you know, spreads or combinations in the same&nbsp;expiration. You know, what are some of the biggest ones that they may underestimate when&nbsp;they&#8217;re&nbsp;implementing calendar spread strategies?&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-7\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.&nbsp;I think two main risks&nbsp;come to mind. One is that you always do have an assignment risk on the one&nbsp;you&#8217;re&nbsp;short, so you should be aware of that.&nbsp;So&nbsp;if the stock crosses and&nbsp;they&#8217;re&nbsp;both in the money, well, you could get assigned on one of your&nbsp;shorts&nbsp;and you could end up having stock, you know, and an option.&nbsp;On the&nbsp;flip side, you may want to exercise one of your options for a dividend or interest. When options are in an early exercise situation, it goes both ways.&nbsp;You have to always evaluate, am I better off holding onto the option or exercising it, you know, if you&#8217;re looking at a dividend or carry?&nbsp;But the other factor is what we talked about, and&nbsp;that&#8217;s&nbsp;your&nbsp;vega&nbsp;risk. And people underestimate where they look only at the implied volatility between the two, but not the&nbsp;vega&nbsp;risk of the two, and&nbsp;that&#8217;s&nbsp;important.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What is the relationship? What does one implied volatility change in the longer term correspond to? How many implied volatility changes in the shorter term do those two equal? Because you could have&nbsp;like&nbsp;a 10-to-1, 20-to-1 ratio, you know, where one click in the longer-term option translates to, just to break even, a 20-click decline, you know, in the shorter term that you&#8217;re short.&nbsp;So&nbsp;those two kind&nbsp;of come to mind.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-8\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And, you know, just to&nbsp;kind of clarify&nbsp;for our listeners too, like you had mentioned, if both legs are in the money, you may get assigned on one. You know, the difference, obviously, with it being a calendar spread is even if&nbsp;you&#8217;re&nbsp;long one and&nbsp;it&#8217;s&nbsp;a few expirations out, it may not make sense to exercise it.&nbsp;Whereas if it was like a vertical spread, if there are two legs to that vertical spread that are in the money in the same expiration, chances are if you were assigned&nbsp;one,&nbsp;you probably would be wanting to exercise the other one anyway, or close to it. Not a 100% guarantee, but more likely versus your long one that&#8217;s two months out and&nbsp;it&#8217;s&nbsp;not really, you know, worth exercising,&nbsp;whereas&nbsp;the one that you get assigned,&nbsp;all of a sudden&#8230;&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-8\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Right. I mean,&nbsp;right.&nbsp;So&nbsp;you&#8217;ll&nbsp;have a different position, basically, from&nbsp;where you started out with.&nbsp;Yeah.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-9\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"> &#8230;or short, or long stock.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-10\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"> So, Dmitry, what separates a high-quality calendar spread setup from one that may look appealing on the surface, but carries some unfavorable risk-reward characteristics underneath?&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-9\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I think&nbsp;there&#8217;s&nbsp;probably no one right answer to that. You know, sometimes people do calendar spreads for&nbsp;different reasons&nbsp;that fit their portfolio or a certain outlook.&nbsp;You certainly want to be aware of the bid-ask spreads in them because they could be wide, and when&nbsp;you&#8217;re&nbsp;getting an execution, you&nbsp;wanna&nbsp;get a good-quality execution.&nbsp;Or you may end up trading on a&nbsp;wide spread&nbsp;where the entry or exit&nbsp;were&nbsp;so unfavorable that it would be&nbsp;very difficult&nbsp;to make that a good spread.&nbsp;I think it really just depends on your outlook and what you&#8217;re trying to do.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think a lot of calendar spreads that we see trading in the market currently actually turn out to be rolls, where an existing position is coming closer to expiration and that position is rolled into a longer-term option, but in the form of a calendar spread.&nbsp;In actuality, it&nbsp;turns out to be just a roll where you had a position in one&nbsp;option,&nbsp;you went to a different&nbsp;option, and&nbsp;closed out the&nbsp;option&nbsp;you had. But a calendar spread would be something different where you want to hold both positions.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-11\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Right. Opening both positions versus closing one and rolling it to another.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-10\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, exactly.&nbsp;So sometimes when we see a calendar spread, it actually turns out to be a roll.&nbsp;But like you said, a calendar spread is when you&nbsp;wanna&nbsp;be open in both positions.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-12\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yep. And why do calendar spreads tend to appeal to traders who believe the market may be overestimating or underestimating future volatility?&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-11\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Also&nbsp;a good question because the calendar spread allows you to take a certain outlook where you do believe, well, I think&nbsp;we&#8217;re&nbsp;in a low implied volatility regime.&nbsp;We might be here for a little while. You know, you might not think volatility&#8217;s&nbsp;gonna&nbsp;return tomorrow or in the summer months or, you know, not in the near-term horizon.&nbsp;So&nbsp;you may&nbsp;wanna&nbsp;do a longer-term contract, but finance some of that with a shorter-term option to offset some of the costs. So that would be one reason to do it as a calendar spread because you think, well, over time implied volatility will start going up, and in the short term it might stay lower, and then you do it that way.&nbsp;Or you could go in the opposite direction, where you think, well,&nbsp;we&#8217;re&nbsp;in&nbsp;a very high&nbsp;volatility regime.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-13\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Mm-hmm.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-12\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And I think it&#8217;s&nbsp;gonna&nbsp;stay here for a little bit, but over the long term it&#8217;s not&nbsp;sustainable&nbsp;and it&#8217;s&nbsp;gonna&nbsp;start reverting back to normal, where you want to own, let&#8217;s say, the next 20 or&nbsp;30 days&nbsp;of volatility.&nbsp;But you think beyond that&nbsp;it&#8217;s&nbsp;unnecessary because whatever is happening today is&nbsp;gonna&nbsp;eventually get&nbsp;repriced, then&nbsp;we&#8217;re&nbsp;gonna&nbsp;start going back to normal.&nbsp;So&nbsp;you do the opposite side of that, where&nbsp;you&#8217;re&nbsp;selling the longer term for the&nbsp;vega, but&nbsp;you&#8217;re&nbsp;hedging yourself and trying to take advantage of some of the gamma or the shorter-term swings.&nbsp;So&nbsp;that&#8217;s&nbsp;typically where&nbsp;you&#8217;re&nbsp;looking at the opposite sides of them.&nbsp;Again,&nbsp;that&#8217;s&nbsp;where you think,&nbsp;well,&nbsp;we&#8217;re&nbsp;maybe overestimated&nbsp;or underestimated in the&nbsp;longer term&nbsp;relative&nbsp;to the shorter term.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-14\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Final question, Dmitry.&nbsp;You actually kind of brought this up a little bit earlier with events.&nbsp;So how should investors think about earnings announcements or some other major news events, or even minor news events, when&nbsp;they&#8217;re&nbsp;evaluating calendar spread opportunities, right?&nbsp;&#8216;Cause&nbsp;you&#8217;re&nbsp;crossing different expirations.&nbsp;You&#8217;re&nbsp;kind of putting&nbsp;on different risks or, you know, you have some&#8230;&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-13\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, exactly. When it comes to options and event risk, looking at earnings, you&nbsp;have to&nbsp;look at the&nbsp;vega&nbsp;because the implied volatility in the shorter-term option that covers the event will be higher than the implied volatility of the longer term.&nbsp;But&nbsp;they&#8217;re&nbsp;not the same&nbsp;vega, right?&nbsp;So&nbsp;you&#8217;re&nbsp;not looking at the same&nbsp;vega&nbsp;risk.&nbsp;You&#8217;re&nbsp;just looking at implied volatility, which, in&nbsp;option&nbsp;terms, is the average daily volatility&nbsp;move. But that&nbsp;doesn&#8217;t&nbsp;factor in gap risk, right?&nbsp;So&nbsp;gap risk is something different.&nbsp;That&#8217;s&nbsp;where the Black-Scholes model&nbsp;doesn&#8217;t&nbsp;have a&nbsp;component&nbsp;for gapping. It just has a&nbsp;component&nbsp;for volatility, which it assumes&nbsp;doesn&#8217;t&nbsp;gap. It hits every price before it gets to a new price.&nbsp;So&nbsp;when we&#8217;re looking at earnings, I think then you have to really use a different type of model and thought process than just implied volatility alone.&nbsp;You&#8217;d&nbsp;have to look at, you know, your&nbsp;vega&nbsp;risk components, what you think the stock may move or gap overnight, and factor that into your strategy. There you have&nbsp;a real&nbsp;potential for a big catalyst repricing that happens really quickly overnight.&nbsp;And when&nbsp;we&#8217;re&nbsp;doing calendar spreads in that situation,&nbsp;that&#8217;s&nbsp;a much different calculation and modeling of the strategy.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-jeff-praissman-15\" class=\"wp-block-heading\">Jeff Praissman<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ah, Dmitry, this has been great, as always. Love when you come&nbsp;by&nbsp;the studio. And for our listeners, again, you can find Dmitry and Will McBride from Market Chameleon every Monday through Friday\u2014every time the market&#8217;s open\u2014on YouTube at 9:00 AM on their YouTube channel, and of course on our IBKR Campus, webinars, podcasts, and articles.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks&nbsp;again, Dmitry.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-dmitry-pargamanik-14\" class=\"wp-block-heading\">Dmitry Pargamanik<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks, Jeff.&nbsp;Thanks&nbsp;for having me.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calendar spreads can offer traders a way to express views on volatility and time\u2014not just market direction. In this episode, Jeff Praissman and Dmitry Pargamanik of Market Chameleon break down the anatomy of a calendar spread, covering implied volatility, vega, event risk, assignment considerations, and what separates a well-structured trade from a risky one.<\/p>\n","protected":false},"author":914,"featured_media":252216,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10842,13857],"tags":[21988,16490,4788,17710,19862,18924,19480,7150,2099,17708,17709,16182,16071,21419,14729,12397,4574,18826,17712,1928,8170,14728,8169,21987,11888],"contributors-categories":[13576,13788],"class_list":["post-252049","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-podcasts","category-podcasts","tag-calendar-spread-options","tag-calendar-spreads","tag-derivatives","tag-dmitry-pargamanik","tag-earnings-volatility","tag-ibkr-campus","tag-ibkr-podcast","tag-implied-volatility","tag-interactive-brokers","tag-jeff-praissman","tag-market-chameleon","tag-option-spreads","tag-options-education","tag-options-for-beginners","tag-options-investing","tag-options-strategies","tag-options-trading","tag-stock-options","tag-term-structure","tag-theta","tag-time-decay","tag-trading-education","tag-vega","tag-volatility-term-structure","tag-volatility-trading","contributors-categories-interactive-brokers","contributors-categories-market-chameleon"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Anatomy of a Calendar Spread | IBKR Podcasts<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/252049\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Anatomy of a Calendar Spread | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Calendar spreads can offer traders a way to express views on volatility and time\u2014not just market direction. In this episode, Jeff Praissman and Dmitry Pargamanik of Market Chameleon break down the anatomy of a calendar spread, covering implied volatility, vega, event risk, assignment considerations, and what separates a well-structured trade from a risky one.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-31T15:54:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-31T15:55:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/07\/pod20260717mktcham_coverimage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Praissman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jeff Praissman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"14 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Jeff Praissman\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/f47d7b3d455b7dd41e4b36f95ea08ba4\"\n\t            },\n\t            \"headline\": \"The Anatomy of a Calendar Spread\",\n\t            \"datePublished\": \"2026-07-31T15:54:58+00:00\",\n\t            \"dateModified\": \"2026-07-31T15:55:01+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/\"\n\t            },\n\t            \"wordCount\": 3645,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/07\\\/pod20260717mktcham_coverimage.jpg\",\n\t            \"keywords\": [\n\t                \"calendar spread options\",\n\t                \"calendar spreads\",\n\t                \"derivatives\",\n\t                \"Dmitry Pargamanik\",\n\t                \"earnings volatility\",\n\t                \"ibkr campus\",\n\t                \"IBKR podcast\",\n\t                \"implied volatility\",\n\t                \"Interactive Brokers\",\n\t                \"Jeff Praissman\",\n\t                \"Market Chameleon\",\n\t                \"Option Spreads\",\n\t                \"options education\",\n\t                \"options for beginners\",\n\t                \"options investing\",\n\t                \"options strategies\",\n\t                \"options trading\",\n\t                \"stock options\",\n\t                \"term structure\",\n\t                \"theta\",\n\t                \"time decay\",\n\t                \"trading education\",\n\t                \"Vega\",\n\t                \"volatility term structure\",\n\t                \"Volatility Trading\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Podcasts\",\n\t                \"Podcasts\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/\",\n\t            \"name\": \"The Anatomy of a Calendar Spread | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/07\\\/pod20260717mktcham_coverimage.jpg\",\n\t            \"datePublished\": \"2026-07-31T15:54:58+00:00\",\n\t            \"dateModified\": \"2026-07-31T15:55:01+00:00\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/the-anatomy-of-a-calendar-spread\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/07\\\/pod20260717mktcham_coverimage.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/07\\\/pod20260717mktcham_coverimage.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/f47d7b3d455b7dd41e4b36f95ea08ba4\",\n\t            \"name\": \"Jeff Praissman\",\n\t            \"description\": \"Jeff Praissman is the Sr. Trading Education Specialist at Interactive Brokers (IBKR). Jeff began his career on the floor of the Philadelphia Stock Exchange trading equity options and moved on to a risk management role for both U.S and Brazilian portfolios. He continued his career as a Sr. Financial Analyst and holds an MBA in Finance from Temple University. Jeff writes option related articles, presents webinars, and podcasts and helps educate investors and clients via IBKR\u2019s Traders\u2019 Academy within the IBKR Campus.\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/jeff-praissman\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Anatomy of a Calendar Spread | IBKR Podcasts","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/252049\/","og_locale":"en_US","og_type":"article","og_title":"The Anatomy of a Calendar Spread | IBKR Campus US","og_description":"Calendar spreads can offer traders a way to express views on volatility and time\u2014not just market direction. In this episode, Jeff Praissman and Dmitry Pargamanik of Market Chameleon break down the anatomy of a calendar spread, covering implied volatility, vega, event risk, assignment considerations, and what separates a well-structured trade from a risky one.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/","og_site_name":"IBKR Campus US","article_published_time":"2026-07-31T15:54:58+00:00","article_modified_time":"2026-07-31T15:55:01+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/07\/pod20260717mktcham_coverimage.jpg","type":"image\/jpeg"}],"author":"Jeff Praissman","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jeff Praissman","Est. reading time":"14 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/"},"author":{"name":"Jeff Praissman","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/f47d7b3d455b7dd41e4b36f95ea08ba4"},"headline":"The Anatomy of a Calendar Spread","datePublished":"2026-07-31T15:54:58+00:00","dateModified":"2026-07-31T15:55:01+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/"},"wordCount":3645,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/07\/pod20260717mktcham_coverimage.jpg","keywords":["calendar spread options","calendar spreads","derivatives","Dmitry Pargamanik","earnings volatility","ibkr campus","IBKR podcast","implied volatility","Interactive Brokers","Jeff Praissman","Market Chameleon","Option Spreads","options education","options for beginners","options investing","options strategies","options trading","stock options","term structure","theta","time decay","trading education","Vega","volatility term structure","Volatility Trading"],"articleSection":["IBKR Podcasts","Podcasts"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/","url":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/","name":"The Anatomy of a Calendar Spread | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/07\/pod20260717mktcham_coverimage.jpg","datePublished":"2026-07-31T15:54:58+00:00","dateModified":"2026-07-31T15:55:01+00:00","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/the-anatomy-of-a-calendar-spread\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/07\/pod20260717mktcham_coverimage.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/07\/pod20260717mktcham_coverimage.jpg","width":1000,"height":563},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/f47d7b3d455b7dd41e4b36f95ea08ba4","name":"Jeff Praissman","description":"Jeff Praissman is the Sr. Trading Education Specialist at Interactive Brokers (IBKR). Jeff began his career on the floor of the Philadelphia Stock Exchange trading equity options and moved on to a risk management role for both U.S and Brazilian portfolios. He continued his career as a Sr. Financial Analyst and holds an MBA in Finance from Temple University. Jeff writes option related articles, presents webinars, and podcasts and helps educate investors and clients via IBKR\u2019s Traders\u2019 Academy within the IBKR Campus.","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/jeff-praissman\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/07\/pod20260717mktcham_coverimage.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/252049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/914"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=252049"}],"version-history":[{"count":4,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/252049\/revisions"}],"predecessor-version":[{"id":252218,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/252049\/revisions\/252218"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/252216"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=252049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=252049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=252049"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=252049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}