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Slovník pojmů a strategií
pro obchodování opcí
Kompletní slovník opcí: strategie, pojmy, řecká písmena a postupy pro výpis opcí. Přehledně, srozumitelně, pro začátečníky i pokročilé. Naučte se obchodovat opce efektivně.
Strategy
Advanced
Diagonal Calendar Spread
A calendar spread using different strike prices, creating a directional bias.
Detail
This strategy combines a long-dated option and a short-dated option with different strike prices. It is used when the trader wants to take advantage of time decay and implied volatility, while also having a directional view. The short option expires first, ideally worthless, while the long option retains more value.
The Diagonal Calendar Spread is built by buying a longer-dated option and selling a shorter-dated option with a different strike price. Unlike a regular calendar spread, this one has a directional bias. For example, selling a closer call option at a higher strike (bullish diagonal) or a lower strike on a put (bearish diagonal). It benefits from time decay of the short leg, and can profit if the underlying moves slightly in the expected direction.
Optimal conditions
Best used when the trader has a mild directional expectation and wants to benefit from time decay and potential IV rise in the longer-dated leg.
Max profit
Limited – depends on how much value remains in the long leg after short leg expires.
Max loss
Limited – defined by spread structure and net premium paid.
Risks
Risk is defined but depends on how far the underlying moves. Main risk is if the move is too fast or too far from optimal level.
Greeks
Delta: directional. Theta: positive. Vega: positive on long leg, negative on short leg.
Variations
Calendar Spread, Vertical Spread, Diagonal Put Spread, Diagonal Call Spread.
Usage example
Buy 60d Call at 100 and sell 30d Call at 105. The trade is bullish with limited risk and benefits from short call decay.
DTE
Usually 30–60 days in the long leg, short leg closer. Managed as expiration approaches.
IV (implied volatility)
Works best when IV is expected to increase or remain stable on long leg.
Premium
Usually net debit trade. Profit comes from time decay and value retention in long option.
Margin
Defined margin requirement. Much lower than naked options, but varies by broker.
Poznámky
Roll the short leg if price moves. Adjust strike or expiration for continued exposure.
Tags
diagonal spread, directional calendar, theta, IV, bullish strategy, bearish strategy
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