This trade highlights the massive efficiency of the SPX Double Calendar Spread when executed in a high-volatility environment. By strictly adhering to a disciplined profit-taking plan, this position captured a 28.18% return on risk in just five trading days—averaging nearly 6% profit per day.

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📈 Performance Metrics

Metric	Details
Strategy	⚖️ SPX Double Calendar Spread
Trade Duration	⏱️ 5 Trading Days (Mar 5 – Mar 12)
Entry Net Debit	💰 $3,547.44 (Capital at Risk)
Exit Net Credit	💵 $4,547.12
Total Net Profit	✅ $999.68 (After all fees)
Return on Risk (RoR)	🚀 28.18%

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🛠️ The Execution: Leg-by-Leg Breakout

The success of this trade was driven by the widening “spread” between front-month decay and back-month value preservation.

Option Leg	Entry (Mar 5)	Exit (Mar 12)	Net Change
Long Apr 6 6450 Put	$73.95 (Dr)	$76.54 (Cr)	🟢 +$2.59
Short Mar 20 6490 Put	$49.37 (Cr)	$38.25 (Dr)	🟢 +$11.12
Long Apr 6 7075 Call	$24.17 (Dr)	$8.93 (Cr)	🔴 -$15.24
Short Mar 20 7025 Call	$13.75 (Cr)	$1.72 (Dr)	🟢 +$12.03
Total Net (Per Unit)	$35.47 Dr	$45.47 Cr	$10.00 Profit

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🔍 Why the Trade Succeeded

• 🎯 Mechanical Discipline: The primary driver for the exit was a firm adherence to the trading plan: taking profits at 25%. By hitting the target early, the trade avoids the “tail risk” and volatility that occurs as front-month options approach expiration.
• ⚖️ Perfect Centering: With the SPX at 6698, the index sat almost perfectly between the 6490 and 7025 short strikes. This allowed the front-month (Mar 20) options to decay at an accelerated rate.
• 🌪️ Volatility Tailwind: With the VIX at 26.52, the back-month long legs held their value incredibly well. Specifically, the Apr 6 6450 Put actually gained value despite 5 days of time decay, because its high Vega captured the volatility strength.

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📝 Closing Statement

I’ve officially closed out this SPX Double Calendar Spread today, Mar 12, 2026. Following my plan of taking profits at 25% was the right move here. While more decay could be squeezed out by holding longer, the front-month (Mar 20) options were starting to pick up Gamma risk.

Closing now secures a massive 28% return while removing the risk of a late-stage price swing. This trade is a textbook example of disciplined management—getting out once the target is hit ensures the “Greeks” don’t get messy near expiration.