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title: "Calendar Spread | Hong Kong | Longbridge"
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url: "https://longbridge.com/hk/en/support/topics/optionstrading/calendar.md"
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category: "Options trading"
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slug: "calendar"
description: "Find quick answers about Calendar Spread on Longbridge HK, including the key rules and requirements to know."
datePublished: "2026-10-05T07:00:19.000Z"
dateModified: "2026-10-05T07:04:32.000Z"
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# Calendar Spread

> [Help Center](https://longbridge.com/hk/en/support.md) / [Market Data and Trading](https://longbridge.com/hk/en/support/category/marketdataandtrading.md) / [Options trading](https://longbridge.com/hk/en/support/category/marketdataandtrading.md#optionstrading)

Calendar spreads cover several distinct strategies, each suited to a different view on price and volatility. They let you pursue the returns that time value can generate while keeping risk managed.  
This article walks through four of them in detail: Long Call Calendar Spread, Long Put Calendar Spread, Short Call Calendar Spread, and Short Put Calendar Spread. For each, you'll find an overview, key characteristics, structure, sources of profit, and a worked example.

### 1\. Long Call Calendar Spread

-   Overview

A long call calendar spread involves selling a near-term call (Call A) and buying a longer-term call (Call B) at the same strike price. Both options are on the same underlying asset. This strategy offers limited profit potential while also capping potential losses.

-   Features

-   Components

-   Profit source

Underlying price

Source

Rise

Call B value increase

Fall

Selling Call A and reducing cost

-   Case study

Let’s imagine a made-up company called TECH.

Right now, TECH’s stock price is $100 per share. You think the stock will stay flat in the short term but rise moderately over the next few months. So, you decide to open a long call calendar spread.

You sell a near-term call option (Call A) with a strike price of $100, collecting a premium of $2. At the same time, you buy a longer-term call option (Call B) with the same strike price, paying a premium of $5.

###  

### 2\. Long Put Calendar Spread

-   Overview

A long put calendar spread involves selling a near-term put (Put A) and buying a longer-term put (Put B) at the same strike price. Both options are on the same underlying asset. This strategy offers limited profit potential while also capping potential losses.

-   Features

-   Components

-   Profit source

Underlying price

Source

Rise

Selling Put A and reducing cost

Fall

Put B value increase

-   Case study

Let’s imagine a made-up company called TECH.

Right now, TECH’s stock price is $100 per share. You think the stock will stay flat in the short term but gradually decline over the next few months. So, you decide to open a long put calendar spread.

You sell a near-term put option (Put A) at a strike price of $100, collecting a premium of $2. At the same time, you buy a longer-term put option (Put B) with the same strike price, paying a premium of $5.

###  

### 3\. Short Call Calendar Spread

-   Overview

A short call calendar spread involves buying a near-term call (Call A) and selling a longer-term call (Call B) at the same strike price. Both options are on the same underlying asset.

-   Features

-   Components

-   Profit source

Underlying price

Source

Rise

Call A value increase

Fall

Selling Call B and reducing cost

-   Case study

Let's imagine a made-up company called TECH.

Right now, TECH’s stock price is $100 per share. You expect a sharp short-term move, so you decide to open a short call calendar spread.

You buy a near-term call option (Call A) at a strike price of $100, paying a premium of $2. At the same time, you sell a longer-term call option (Call B) with the same strike price, collecting a premium of $5.

###  

### 4\. Short Put Calendar Spread

-   Overview

A short put calendar spread involves buying a near-term put (Put A) and selling a longer-term put (Put B) at the same strike price. Both options are on the same underlying asset.

-   Features

-   Components

-   Profit source

Underlying price

Source

Rise

Selling Put B and reducing cost

Fall

Put A value increase

-   Case study

Let's imagine a made-up company called TECH.

Right now, TECH’s stock price is $100 per share. You expect a sharp short-term move, so you decide to open a short put calendar spread.

You buy a near-term put option (Put A) at a strike price of $100, paying a premium of $2. At the same time, you sell a longer-term put option (Put B) with the same strike price, collecting a premium of $5.

## Related articles

- [Vertical spread](https://longbridge.com/hk/en/support/topics/optionstrading/vertical-spread.md) — Options trading
- [Collar](https://longbridge.com/hk/en/support/topics/optionstrading/collar.md) — Options trading
- [Strangle](https://longbridge.com/hk/en/support/topics/optionstrading/strangle.md) — Options trading
- [Straddle](https://longbridge.com/hk/en/support/topics/optionstrading/straddle.md) — Options trading
- [Covered Stock](https://longbridge.com/hk/en/support/topics/optionstrading/covered-stock.md) — Options trading


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**