Reverse Calendar Spread Calculator

With GammaWins' Reverse Calendar Spread Calculator, you can chart P/L and Greeks of a reverse calendar spread at different times and underlying prices. Implied Volatility (IV) can be adjusted separately for each expiry to model how changes in volatility impact the strategy.

Pro users can visualize the volatility term structure and compare it against its historical range over the past year. The term structure chart is also available to first-time users for a limited amount of time. You can also use our free tool to see the historical IV range for different DTEs and moneyness levels.

A sample reverse call calendar spread on SPY is preloaded to get you started. Change the ticker, expiries and strike to model your own trade.