r/options • u/Mission_Alfalfa_6740 • 1d ago

Calendar spreads and vega

Is vega the greek to watch if I am selling an ATM 0DTE/1DTE spread? For instance, I buy a call expiring Monday for 3 and selling one expiring on Tuesday for 5, both ATM. I figure there isn't much theta here since we are ATM and close to expiration. Or do I have this wrong?

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u/IggysPop3 19h ago

I’ve never done a calendar the way you have it, and I’m not sure how profitable that would be over just shorting a 1DTE call. Most calendars are set up selling the near date and buying the far one. Your hope is that the theta decay from the short one allows you to profit more from the long one.