What are Calendar Spreads? Buying an option in one maturity and selling an option in another maturity against it. These are ways to play the shape of the term structure, and express views on a stock’s direction but with a specific view around the timing of a move. They can be used to cheapen a longer dated call or put purchase. Related articles What is a Call Backspread? What is Call Delta? What is a Butterfly Spread? What is a Gamma Profile? What is Charm?