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training_data/curated/text/3de83bc8643a08b4d4d48702797d14ea9c72f78a7341533d1509f8582fbfd350.txt

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+Calendar Spreads 
+A calendar spread, also frequently called a time spread, involves the sale of one 
+option and the simultaneous purchase of a more distant option, both with the same 
+striking price. In the broad definition, the calendar spread is a horizontal spread. The 
+neutral philosophy for using calendar spreads is that time will erode the value of the 
+near-term option at a faster rate than it will the far-term option. If this happens, the 
+spread will widen and a profit may result at near-term expiration. With call options, 
+one may construct a more aggressive, bullish calendar spread. Both types of spreads 
+are discussed. 
+Example: The following prices exist sometime in late January: 
+XYZ:50 
+April 50 Call 
+(3-month call) 
+5 
+July 50 Call 
+(6-month call) 
+8 
+October 50 Call 
+(9-month call) 
+10 
+If one sells the April 50 call and buys the July 50 at the same time, he will pay a debit 
+of 3 points - the difference in the call prices plus commissions. That is, his invest­
+ment is the net debit of the spread plus commissions. Furthermore, suppose that in 3 
+months, at April expiration, XYZ is unchanged at 50. Then the 3-month call should 
+be worth 5 points, and the 6-month call should be worth 8 points, as they were pre­
+viously, all other factors being equal. 
+XYZ:50 
+April 50 Call 
+(Expiring) 
+0 
+July 50 Call 
+(3-month call) 
+5 
+October 50 Call 
+(6-month call) 
+8 
+191