A Long Calendar Spread is a low-risk, directionally neutral strategy that profits from the passage of time and/or an increase in
implied volatility. The directional assumption is Neutral. The Ideal Implied Volatility Environment is Low.
The Setup of calendar is comprised of a short option (call or put) in a near-term expiration cycle, and a long option (call or put) in a longer-term expiration cycle. Both options are of the same type and use the same
strike price.
