What's my max loss on a calendar spread if I hold it to the near-term expiration?

How this is calculated

• A standard long calendar spread's max loss is the net debit paid, assuming both legs share the same strike and the position is held to the near-term expiration.
• Net debit equals the far-dated premium paid minus the near-dated premium received.
• Unlike a vertical spread, a calendar spread's breakeven prices depend on implied volatility and time decay at the near-term expiration, not just the strike prices, so they cannot be reduced to a single formula the way a vertical spread's can.
• This tool only calculates the defined max loss. For where the position is actually profitable at near-term expiration, use your broker's risk graph, which accounts for volatility.
• This is standard options math based on the numbers you enter, not a projection of how implied volatility will actually behave.