How I Doubled My Money With Triple Calendar Spreads (Full Breakdown)

Capital calendar is like bread and

butter strategy for me. It will work

either market will go up, down or

sideways. Now I'm in a situation like

I'm able to make roughly 100% like

double my money every year.

>> Today's guest made solid profits last

year with his favorite option strategy,

the triple calendar. Can he keep doing

that? Let's dig into it. Here is

>> Hey. Hi John. So the triple calendar

which we will be talking today is like

bread and butter strategy for me.

>> So tell us in 40 second what it is and

how it has worked for you.

>> So uh I started calendar before calendar

actually when I got started with options

back in 2019. I was looking for

strategies which are safe because I'm

very bad at predicting where market will

go. And this strategy was something

where it will work all the three ways.

either market will go up, down or

sideways and it works on in all the

three scenarios. So this is the best

strategy. Then I started paper trading

and everything and then now I'm in a

situation like I'm able to make roughly

100% like double my money every year. So

I have like this is the my bread and

butter strategy.

>> Very interesting and I look forward to

dig into this. But tell us first a

little bit about yourself especially as

an options trader. I started this option

trading in 2019 and I started first was

my like just I spent like $10 or $20 one

option very out of the money call I

bought for Visa I think so and I made

some double my money so I was so happy

oh wow this is very good then after a

few trades COVID came and I started

making losses also because I was not

correct directionally I was very off if

I was thinking market will go up it will

go down when I'm thinking it will go

down it will go So I was looking for

some better strategy. Then I started

doing debit spreads like vertical like

that call debit spread and all but there

also direction was the one thing which

was killing me. Then I started working

on the calendars. So this strategy was

something which I felt was you know

safe. I will say in the option world it

is very hard to find a safe strategy and

in calendars what you are doing is you

can put a good amount of money. My main

goal is I can invest a good amount of

money which will give me I'm not looking

for like in one trade I make 100% of 50%

like that I'm happy with my 10% profit.

If I'm making consistently 10 10% profit

and win ratio is above 80% I'm very

happy with that. and calendar is one

strategy which works in this way. Now I

then I started doing lot of research on

these calendars which

uh thing to pick like could I do it on

stocks, could I do it on index like

that. So it went like that.

>> Where are you located?

>> Uh so initially when I started I was in

US then I moved back to India.

>> And in where in India? uh NCR Delhi.

>> All right. So let's start with the

basics. What are you trying to achieve

with this triple calendar strategy?

>> So triple calendar as you know has three

calendars. A calendar is mainly delta

neutral. Uh either market don't go up or

down. You are not like if it is stay

within this range it is very good. But

even if it goes up or down since I have

three calendars, one is on the upper

side and one is on the lower side. Those

calendar will help you to give you

profit. So if you have three calendars

or either two calendars like double

calendar, if you go with that strategy

as well, this will help you to get

profit.

>> Let's before we go on, let's just define

what do we mean by a calendar trade.

>> A calendar is when you are sending a

let's say pick one any strike price.

maybe add the money you can put quick

and then you will be buying the same

strike price of a later date. So in my

case I go one week far so I'm sending

let's say next week Friday call and I

will buy next to next Friday call. So

this will create a calendar. All right,

we will we will get into the details of

how you trade it, but let's maybe first

put up an example trade so everyone uh

understands how these trades that you do

look and then we'll go get into the

details of how you enter them and exit

and manage and so on. But uh here is a

triple calendar.

Tell us what we see here and how this

trade is uh put together.

>> Okay. So uh I'm giving this example

right now like Q yesterday closed around

6

37 or something there. So this is one

example trade which let's say if I have

to enter today how I will enter. So one

will be add the money. So 638 I will go

little you know I always go in the

multiples of five. So either 635 or 640

I won't put 638 because volume volume is

less. So 635 will be my middle calendar.

Okay. Now I will put one calendar at the

like upper side and one calendar at the

lower side. Now how will I choose like

how far? So then I will see how much is

the style price and then I will decide

what is the total like the three

calendars will look like and here you

are seeing like how I got these we will

discuss later but this is the lower

calendar 6001 635 is the add the money

and the 665 is the upper calendar and

this is how the payout graph will look

like at the expiration. So if you can

see these three tents like of structure

will be there and if uh QQ is within

these tents you will make profit given

that volatility is like within some

range.

>> Let let's drag this scale back to today

and see how this trade develops over

over the time.

>> Okay. So let's say this is today. Okay.

Now we will go slowly how it will look

like. So today we are here. Okay. Now

let's say day by day you will see the

this tent is going up. So you'll start

seeing profit. Okay. Here

now our debit was $426 here. So my goal

always remains I don't want to go till

the top of this. I will just look for

$42 and I will exit the trade. And you

can see here it is $44. If we are here

almost here but let's say if we are not

here we are somewhere here. Let's say Q

has went down or maybe has went up then

we won't see $44. Then I will wait some

for more some more time. So like here

here here it will go like this this this

this. Now assume QQ is moving around

let's say 620 to 660 it is a very wide

range. Now if you look for $40 you see

it is $42. I was looking for $42. It is

still here which is $680

or even if it goes till let's say 660 we

are still seeing $42. So you can see

there's a very wide range and my profit

target of 10% is met.

[clears throat]

>> So this is the beauty about it. So if

you are aiming for 10% you will be able

to get like my win ratio is almost like

80%. So 80% of the time I'm able to meet

this 10% profit.

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description. All right, back to the

interview. So, we will get into the

details of how you how you enter this

trade and how you choose your strikes.

And let's start with your entry

mechanics. And uh first, what are the

underlines you're using with this

strategy? Uh I usually do index. One

option is to try stocks near earnings.

But if you want to play safe any index

take it spx, spy, QQQ, whichever index

which has good volume, you can try on

that. I have tried this strategy on spy

and QQQ myself.

>> Which is your favorite on the line?

>> Uh I don't know why QQQ I'm always

aligned to for some reason.

>> You have chosen QQQ. What is your rules

for an expiration? How far out do you go

and what days of the week do you enter

these trades?

>> So I go like the selling leg will be 21

day to expiry. So 21 DTE will be my

selling leg and 28 day which is one week

after that selling leg will be my buy

leg.

>> So three and four weeks ahead.

>> Correct. And Friday expiries I choose.

>> Okay. So that means that you're also

entering these trades on the Friday. uh

so what I will do is if let's say I'm

entering on Wednesday so instead of 21

it will be 23 so I'll just look for 21

plus few days that you can say

>> are there other conditions you are you

have for entering a trade or you just

enter this every week

>> there are few conditions which I will

check let's say any event is happening

by event let's say CPI numbers are

coming FOMC meeting is there I won't be

selling the calendar the sell leg should

not be after that event. Let's say the

FOMC meeting is on Tuesday and

Wednesday. I won't be selling uh the leg

of that Friday. So either I will go one

week before which will be the buy leg

will be that Friday and before the the

event I will be selling leg will be

before that. So this is one important

thing I always make sure.

>> What about the volatility? Do you have

any rules for VIX levels or volatility?

uh it works most of the time if vick is

very low like 12 or like below 12 13

like that then I reduce my sizes because

then most of the time it is like not

much you know you won't get losses but

it will not be much like 10% will go

down to 5% or like that then I will

maybe skip few days if it is very low

volatility

>> but as a main you enter these every week

>> yes whenever I exit I enter the maybe

same day or within few days I will enter

the next trade.

>> Tell us um how do you choose the

strikes? You told us that the one is at

the money but uh what about the two

others? How far do you have any rules

for how far out you go with the two

other strikes?

>> So for choosing first I will calculate

what is the 21d for expiries. So let's

say for let's say I'm ending today it

will be 8th of May. Then uh let's go to

option start. So on uh 8th of May expiry

uh QQQ right now in like yesterday

closed around 638 and since I go always

you know multiples of five. So what is

the 635 put and 635 call debit add them

together that will give you the straddle

price. So basically the straddle price

is how much you are expecting the

underlying which is QQQ can move by 8th

of May. So here you can see it is

telling me 2 25.8 8 points it can move.

So either QQQ can move 25 points up or

down. This is the estimated which we are

getting. So now how I will put my upper

and lower calendar is either I can place

like 25 points up and down or I can add

some margin. Usually I add five points

extra. So let's say here I'm getting 25

as my expected move. So I'll make it 30.

So my upper calendar will go 635 plus

30. So like that I will do. So let's I

will put 665

like here and then I will sell a call

and make it 665 like this. And now same

way I will put

lower side 635 - 30 60

and then

sell the put and 605 like this. I have

to change the expiry of few of them.

So now I'm changing this is the expiry.

Okay. So now this is how it will look

like. Now

one thing is 65 and if you will see

there's a resistance also around 6

there's a support of QQ at 600. So

sometimes I move do move the uh lower or

upper calendar as well. So I feel like

600 will be a better point. So moving

five points up and down is fine and

already last few days we have moved up a

lot and I feel like it will not go till

665 then I will move this five points up

down this is sometimes I take these

changes in the what are my rules are but

if you feel like those are fine then you

can keep it that way five points up and

down if you are doing it that is fine

only later on these helps so if you are

doing some technical analysis it will

help better

>> but your starting point is that The two

outer strikes are at the estimated move.

>> Correct. And then five points. Sometimes

I move up and down.

>> And is this a curve you are happy with?

Right now I see it has kind of a red dip

on the left and on the and not on the

right.

>> Yeah.

>> Oh, I have seen very bad curves also.

See calendar is something where you

can't predict right now. It will come in

from experience. One thing is that. So

if you are seeing but like like this

also if it is going till 300 then don't

worry about that this is fine

>> and uh your max risk here is what you

have paid for the three calendars

>> it's a debit spread so right now it is

paying 434 for this one lot

>> so we have covered how you enter these

trades every Friday you sell three weeks

out and you buy the same strike uh four

weeks out and uh uh you use the

estimated move as the starting point for

selecting the outer strikes. Let's move

out of oh option strat and uh go get

into your exit uh mechanics. What are

your rules for taking profit but also

when you will take a loss?

>> Let's talk about profit booking. So

whenever I see 10% profit of my debit

whatever I paid I'll exit the trade then

whe that is first day or 5 days I'll

exit 10% is my target now taking the

loss. So if it is 3 weeks far so when

one week is left I'll just cut my trade

whichever how much profit how much loss

it is there I will cut my trade. So I

will not go in the last week of the

expiry of the sell leg.

>> Okay. So make sure I understand this you

you sell on a Friday after two you take

the profit whenever it reaches 10% of

what you have paid for the calendars and

you do not have a stop loss as such but

after two weeks you cut the trade if it

has not hit the profit level whatever is

the loss or profit. Yes, basically 7T

when you are left with seven days to

expiry for the sell deck

>> for the profit. How many days does it

typically take before you reach the take

profit level?

>> So I have taken profit within 2 days

till 10 days. This is the rough range.

Sometimes it goes till the profit like

if I'm booking profit sometimes even the

like my heart exit date I will book some

5% or like that. But us most of the time

it comes within two to 10 days.

>> And what the losses how how many% of

your trades ends with a loss after the

when you have one week left. And what

have be the biggest losses?

>> If I will go with my stats uh like when

I say 80% is almost my win ratio. So 20%

of the time sometimes trade do give me

losses and the losses numbers range

sometimes below 10% but I have even seen

like 30% losses as well. 30% have been

uh the biggest.

>> Yes. 3035 I have seen once in 2022.

>> How did you decide on these rules for

taking profit and uh when to close the

trades

>> research?

I did a lot of research and lot of paper

trading lot of like I was doing these

currencies 2019. So I have modified my

strategy a lot. So if you watch my

channel like lot of videos are there. I

have like you know changed my strategy

on the go and how I'm you know adjusting

fine-tuning my strategy. So yeah first

previously I used to do like instead of

21 DT I used to do 14 DTE then I felt

like the days in the trade is less so I

increased to 21dt so a lot of research

and lot of uh hands-on experiences there

>> and how long has have you been trading

this way with these expireies etc

consistently

>> uh since 2025 I'm using this strategy

where I'm using 21DTE triple calendar

>> let's talk about management. Do you ever

manage the trades beyond the rules that

you have laid out for us?

>> Sometimes when the underline do move out

of my upper or lower calendar then I

have to do some adjustment as well. If

it is let's say going up like in sation

scenario you can see QQ Q is going up a

lot. So then I have to do again put one

another trade whichever direction it is

going. Let's say in this case it is

teaching my upper calendar. Then I will

place one more calendar. Same expireies

strike price will be little ahead of the

previous one. So it will be four

calendars. Then

>> you will you even add more than one

calendar or is it one your limit? uh

usually it within four like I start with

three calendars and the adding one is

more usually more than enough but uh

situations like 20202

October if you see we saw a big uh drop

that time I had to add the fifth

calendar as well. So sometimes rarely it

happens that fifth calendar is also

needed but most of the time if I have to

do adjustment fourth calendar is more

than enough

>> and those cases you do not close the pre

the lower c calendar

>> closing the previous calendars doesn't

help much because they are like peanuts

by that time so it doesn't make much

difference if you want you can keep it

but I just keep it till the end. We will

bring option strat back in Liverpool

because I want to ask what I think many

people will ask and that is that

counters as we know they are positive uh

they are positive va so you know they

benefit if volatility goes up but you

know they may hurt if the volatility

goes down which you know sometimes

happen actually in this market right now

it's happening

>> so h how how do you deal with that maybe

we can look at look at how these trad it

develops because in options tra we can

also take the implied volatility slider

up and up and down and maybe you can

show with dragging the implied

volatility up a bit.

>> Yeah, if it is going up then it is very

good within a day or two you will get a

very good profit. Let's say it is going

down. Let's say we will decrease it to

say 20%. Okay. Now you can see here

the curve is coming up but it went it

like for a few days it was down then it

started to go up when volatility is

going down and the QQQ is going up. You

can see because of VIX the volatility

going down like let me go take it back.

So you can see here like say here only

VIX has gone down QQQ has went up and

you are making $13 profit here. If I

will take little bit up like few more

days few more days like this here. Okay.

So my target is 434 right.

So it is coming in this area. So

basically QQQ is going up or moving

around same way that's why VIX is

falling right. That is the main reason

that VIX has fallen. And so QQQ is in

this area. And now you see there's a

profit tent here. It is happening here.

So you'll see some profit. Maybe it

might be possible that 10% goal in this

pro target will not meet or sometimes it

will meet. But you are still seeing a

positive you know a profit in this case

also where VIX went down and you are

still seeing a profit. So it do happens

that when VIX is falling the uh wallet

because of positive Vega trade the

profits are going down but since the

upper calendar the the call calendar

which you have this will give you good

amount of profit in the this area if it

goes down now one someone can ask if it

goes down then you are seeing a loss but

if you are seeing a loss because if

let's say Q falls here till here then

weeks go will go up let's say here so

and then you will see anyway profit

here. So if it is going down then you

will see positive like VIX is going up

and then you will see profit and if it

is VIX is falling but you will see at

the positive side QQQ has went up or

stayed here then also you are seeing a

some profit. So that is the trick which

I will see will say that that works here

>> but essentially you have to wait longer

for the profit when the volatility

falls.

>> Yes. Yes. Sometimes it does happen like

when VIX is falling and cuku is not

doing much let's say it is staying there

or it is going up and down here in India

then the number of days you are spending

in the trade might increase.

>> Will you in uh will you in those

situations sometimes uh close for lower

profit target than your 10%. No, I

usually keep my goal as 10% or 7 days

left to expiry of the sell like I will

exit

because most of the time it will happen

in few more days we'll get profit and I

don't want to you know keep uh put lot

of effort I as I told in the start

beginning that I want a you know

peaceful trade so I don't try to kill it

again and again sometimes it is not

giving profit and suddenly in two three

days will go either up or down or some

do something and you'll see that profit.

So I prefer to keep it low low you know

work.

>> Let's uh talk about risk. What is the

worst that can happen with this way of

trading and this strategy? Vicks falling

is the one which you usually see

happening and if you are taken caution

about the like events that is the one

thing and if you are selling a leg after

any FOMC or CPI numbers and all that

time yes so you have to always make sure

that you take care of these events never

sell a uh mean option after an event

date that is one thing if you're making

sure and best scenario will be if you

are can keep the event between the legs

so buying leg after after the event and

select before the event. That is the

best.

>> I always ask my guest to rate their

strategy on a risk profile scale where

one is very low risk and 10 is a very

high risk and uh you can define those

numbers as you see fit. Where would you

put this strategy?

>> Uh I will keep this as number two or

three.

>> That's marino.

>> Yeah. So the reason is let's say as a

person myself whenever I deploy any

other strategy I will not go this big

but in calendars I will peacefully sit

with a big amount in calendar and

peacefully sit the same person if it

will he will be doing some other

strategy he will either reduce his size

or he won't be able to get good night

sleep but with calendars you will have a

big amount in calendars and still have a

you know nice

So it is very peaceful because the thing

is you can't expect 100% loss or big

losses because

how a loss of 100% will happen.

Basically the farther leg which you are

sell buying and the closer leg their

delt the the difference between the

premium is zero then only the cost of

that calendar will become zero and it is

not possible.

So that's why it is very you know safe

strategy and movement wise also you have

a lower calendar and upper calendar. So

even scenarios when the underline is

moving a very high or very low it

doesn't it means it will take care of

itself. So it is a very safe strategy.

>> Ripple let's get to your results. Please

share more in detail what have been your

results from trading this stranded day.

Okay. So, we can show my 2025 results.

So, if you see the green trades are the

one where I entered and I have made a

profit and the red ones are the those

where I made a loss and the white ones

is the one where I was not in the trade.

So, for example, this one like 17th of

April, I entered on 17th of April. This

was the entry. I stayed in this state

till 28th of April and I made a uh

profit of 11.12%.

The same day I exited, the same day I

entered the another trade. So like this

I have you know put this all the results

in the spreadsheet. So you can see most

of my trades the win ratio is 82.35%.

So out of these all the 17 trades three

were losses. So here you can see three

losses and rest of them were positives.

So my average return was if you will see

from each trade was 6.33%.

And average time duration for each trade

was 11 days. So, and it is including the

weekend. So, 11 days I was able to make

6.33%

from this triple calendar strategy in

2025.

>> And that's pretty amazing. And uh just

to be clear when you say that you made

6.33%

or so and so much in percent that as a

is as a percentage of the debit you

paid.

>> Correct.

>> All right. So, that's pretty good

results. Um how has uh 2026 been going

so far? Uh it is going good. So I have

made four trades of now. Three were

positives and one was in a loss. Uh this

was the last if you know the QQ went up

a lot. So I had to do two adjustments

there. So that was in a loss of 8.6% if

I go with by the rules and rest three

trades were in positives of 10 10% plus.

>> Let's sum up a bit. How will you sum up

this strategy and especially what would

be your two to three most important

takeaways that you want the audience to

remember? So this strategy if I'm you

are looking for you know some strategy

which is you know peacefully you can

deploy a good capital amount of capital

you are making weekly income from that

passively you have to look like entry

exit or when it is breaching then you

have to look but you don't have to your

mobile screen or your windows every day

like that then this is a very good

strategy. Some takeaways. Never you know

short a very big event. That is one

important thing in calendars. Never

short them because then it will not give

you very good results.

>> How does this fit with others option

strategies you may do?

>> So I do trade some directional plays but

I'm very bad at doing any direction

options. I do sometimes some call debit

spreads or something like that or buying

puts when I feel like market is going

down. But all those strategies never

give me very good results. All other

strategies doesn't work for me. Most of

the time I'm just doing calendars. What

would be good resources to learn more

about uh calendar and this way of

trading. What are the resources that you

have benefited from?

>> Uh so start with the uh option stat is

one where you can you know deploy paper

trade. You can see how it is going. Also

I have my YouTube channel and discord.

So you can take from there I have shared

my strategy what I'm doing in YouTube in

detail everything and discord I also I

put my things like what trade I'm taking

and all and also main thing which I will

say is patience. Calendar is a game of

experiments. So you have to learn by

experimenting. So once you experiment

you will get usually calendar is always

treated as the most complex strategy

because it has very weak volatility

dependent even the option strat where

whatever you are watching it will will

not be able to calculate the exact

numbers like any other profit graph will

tell you that this is the exact profit

which will happen if close at this price

but in calendars no one can predict what

will be the price because there are so

many parameters. So experiment

do paper trading then you will get the

results. We thank you very much for

sharing your strategy with us and I

would like to point out to the audience

that we do have a couple of other

interviews also about calendars. I would

point out Ravish Aoya's double calendar

which is actually the most seen video on

this uh channel which is also another

way of trading calendars. Thank you very

much people for coming and sharing your

strategy and your experience with us.

Thank you.