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training_data/curated/text/9580cfe4c5874d215410e39e61215340d29fd97523f3b9601c94585b75a607d3.txt

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+The In-or-Out Crowd
+Pete could just as well have traded the Aug–Sep 50 put calendar in this
+situation. If he’d been bearish, he could have traded either the Aug–Sep 45
+call spread or the Aug–Sep 45 put spread. Whether bullish or bearish, as
+mentioned earlier, the call calendar and the put calendar both function about
+the same. When deciding which to use, the important consideration is that
+one of them will be in-the-money and the other will be OTM. Whether you
+have an ITM spread or an OTM spread has potential implications for the
+success of the trade.
+The bid-ask spreads tend to be wider for higher-delta, ITM options.
+Because of this, it can be more expensive to enter into an ITM calendar.
+Why? Trading options with wider markets requires conceding more edge.
+Take the following options series:
+By buying the May 50 calls at 3.20, a trader gives up 0.10 of theoretical
+edge (3.20 is 0.10 higher than the theoretical value). Buying the put at 1.00
+means buying only 0.05 over theoretical.
+Because a calendar is a two-legged spread, the double edge given up by
+trading the wider markets of two in-the-money options can make the out-of-
+the-money spread a more attractive trade. The issue of wider markets is
+compounded when rolling the spread. Giving up a nickel or a dime each
+month can add up, especially on nominally low-priced spreads. It can cut
+into a high percentage of profits.
+Early assignment can complicate ITM calendars made up of American
+options, as dividends and interest can come into play. The short leg of the
+spread could get assigned before the expiration date as traders exercise calls
+to capture the dividend. Short ITM puts may get assigned early because of
+interest.
+Although assignment is an undesirable outcome for most calendar spread
+traders, getting assigned on the short leg of the calendar spread may not
+necessarily create a significantly different trade. If a long put calendar, for