{"slug":"what-is-a-calendar-spread","qid":"greeks_by_expiry","label":"Theta and vega across expiry bands, near the money AAPL","post_title":"What Is a Calendar Spread in Options?","post_url":"/blog/what-is-a-calendar-spread#q-greeks_by_expiry","columns":["dte_band","theta_per_day_abs","vega_per_iv_point"],"rows":[{"dte_band":"1-10 DTE","theta_per_day_abs":0.4564,"vega_per_iv_point":0.1142},{"dte_band":"11-25 DTE","theta_per_day_abs":0.2151,"vega_per_iv_point":0.2286},{"dte_band":"26-45 DTE","theta_per_day_abs":0.1407,"vega_per_iv_point":0.3667},{"dte_band":"46-90 DTE","theta_per_day_abs":0.1091,"vega_per_iv_point":0.5009},{"dte_band":"91-180 DTE","theta_per_day_abs":0.0773,"vega_per_iv_point":0.738},{"dte_band":"181+ DTE","theta_per_day_abs":0.0569,"vega_per_iv_point":1.0213}],"shape":"ranking","sql":"SELECT\n    multiIf(days_to_expiry <= 10,  '1-10 DTE',\n            days_to_expiry <= 25,  '11-25 DTE',\n            days_to_expiry <= 45,  '26-45 DTE',\n            days_to_expiry <= 90,  '46-90 DTE',\n            days_to_expiry <= 180, '91-180 DTE',\n                                   '181+ DTE')       AS dte_band,\n    round(avg(abs(theta)), 4)                        AS theta_per_day_abs,\n    round(avg(abs(vega)), 4)                         AS vega_per_iv_point\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'AAPL'\n  AND date >= today() - 30\n  AND date <= today() - 2\n  AND iv_converged = 1\n  AND volume > 0\n  AND days_to_expiry BETWEEN 1 AND 400\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\nGROUP BY dte_band\nORDER BY min(days_to_expiry)","computed_at":"2026-08-22T04:33:01.334568+00:00","elapsed":0.060305385}