# skill-calendar-spread — checklist

Review before education output. This list does not approve a trade.

## When to use
- [ ] The thesis is time passing near one strike, not a large directional move.
- [ ] Both options are the same type (both calls or both puts) and the same strike.

## Setup
- [ ] Buy the longer-dated option. Sell the shorter-dated option. Same strike.
- [ ] Usually a net debit. Illustrative max risk is that debit.
- [ ] The target zone is around the shared strike into the front expiry.

## Rules of thumb
- [ ] Say whether volatility rising or falling helps the back month.
- [ ] The short leg needs a decision in its expiry week: expire, close, or roll.
- [ ] After the front expiry, what remains is the long option alone. Say so.

## Pitfalls
- [ ] A volatility drop that cheapens the long leg faster than the short premium earned.
- [ ] Price leaving the strike so both legs work against the pin thesis.
- [ ] Early assignment on the short option before the front expiry.

## Disclaimer
- [ ] Disclosure is present: risks, the options disclosure document, and omitted costs.
- [ ] The answer is education. It is not a signal, a recommendation, or an order.