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Calendar Spread
neutral Capped lossSell time decay against a longer-dated option.
When to use it
LOW IV environment expecting sideways-to-gradual movement. Sell a near-term option, buy the same strike further out. Profits from faster front-month decay.
Max profit
Near expiry of the front leg, if price sits at the strike.
Max loss
The net debit paid.
Payoff at expiry
illustrative shape — not to scale
■ profit zone
■ loss zone
X axis = stock price at expiry →
How it's built
Strikes shown low→high. Sell = collect premium · Buy = pay premium for protection or upside.
Hermes-evaluated setups
High-conviction per-ticker applications — setups with a confidence-adjusted win rate ≥ 80% over ≥20 backtested trades (95% lower bound — honest for the sample size, never a raw 100%). Avg P/L is the mean profit/loss per one-contract position.
| Ticker | Win Rate | Avg P/L / contract | Sharpe | Trades | DTE |
|---|---|---|---|---|---|
| UVXY | 94% | +$4,295.00 | 2.4 | 57 | — |
| SQQQ | 91% | +$801.00 | 3.4 | 41 | — |
| ASML | 96% | +$625.00 | 7.6 | 84 | — |
| KLAC | 96% | +$560.00 | 4.4 | 84 | — |
| BLK | 96% | +$411.00 | 10.3 | 84 | — |
| REGN | 96% | +$406.00 | 11.6 | 84 | — |
| EQIX | 96% | +$406.00 | 11.5 | 84 | — |
| LLY | 96% | +$387.00 | 5.0 | 84 | — |
| MDB | 96% | +$379.00 | 7.6 | 84 | — |
| INTU | 96% | +$353.00 | 11.0 | 84 | — |
| APP | 91% | +$336.00 | 3.1 | 41 | — |
| VXX | 94% | +$316.00 | 3.3 | 57 | — |
| STRL | 96% | +$313.00 | 2.0 | 84 | — |
| CRWV | 90% | +$305.00 | 6.8 | 33 | — |
| ADBE | 96% | +$304.00 | 9.1 | 84 | — |
| ULTA | 96% | +$285.00 | 8.9 | 84 | — |
| TMO | 96% | +$281.00 | 12.2 | 84 | — |
| PH | 96% | +$268.00 | 6.1 | 84 | — |
| CHTR | 96% | +$267.00 | 9.9 | 84 | — |
| LCID | 94% | +$266.00 | 2.6 | 57 | — |
| MSTR | 91% | +$258.00 | 3.4 | 41 | — |
| GS | 96% | +$256.00 | 6.3 | 84 | — |
| COIN | 96% | +$254.00 | 6.3 | 84 | — |
| MRNA | 94% | +$254.00 | 3.5 | 57 | — |
| LULU | 96% | +$247.00 | 9.2 | 84 | — |
| HUM | 96% | +$238.00 | 9.6 | 84 | — |
| NBIS | 89% | +$238.00 | 5.1 | 31 | — |
| DE | 96% | +$236.00 | 9.5 | 84 | — |
| NOC | 96% | +$233.00 | 7.7 | 84 | — |
| ISRG | 96% | +$229.00 | 8.2 | 84 | — |
| MA | 96% | +$201.00 | 9.9 | 84 | — |
| SNOW | 96% | +$201.00 | 7.9 | 84 | — |
| CAT | 96% | +$199.00 | 4.7 | 84 | — |
| LMT | 96% | +$198.00 | 8.1 | 84 | — |
| STX | 94% | +$196.00 | 2.4 | 57 | — |
| ORCL | 96% | +$195.00 | 3.9 | 84 | — |
| VRTX | 96% | +$194.00 | 7.5 | 84 | — |
| GLD | 96% | +$190.00 | 4.0 | 84 | — |
| ZS | 96% | +$185.00 | 8.2 | 84 | — |
| CEG | 95% | +$176.00 | 4.2 | 73 | — |
| BMNR | 89% | +$174.00 | 5.3 | 31 | — |
| ARM | 92% | +$172.00 | 5.1 | 46 | — |
| COHR | 94% | +$159.00 | 3.3 | 57 | — |
| HD | 96% | +$157.00 | 14.4 | 84 | — |
| LIN | 96% | +$155.00 | 12.1 | 84 | — |
| CI | 96% | +$151.00 | 9.7 | 84 | — |
| CRDO | 95% | +$146.00 | 3.0 | 73 | — |
| ETN | 96% | +$146.00 | 6.1 | 84 | — |
| AMAT | 96% | +$145.00 | 5.9 | 84 | — |
| CLS | 91% | +$145.00 | 2.4 | 41 | — |
Backtested results are not a guarantee of future performance.