Calendar spreads, calendar butterflies and rolls in CL options carry futures-calendar risks. This does not in any way refute Black Scholes. It's simply another risk to price. If you're long the Feb-Mar 50 call calendar you would hedge a portion of your futures risk in shorting the Feb-Mar futures spread.
Thanks for the link MGJ Here is what I don't understand. Looking at your link at 2016 december call options, I saw that options with strike price $110 is settled at $9.75 whereas option with strike price $200 is settled at $3.51 This means that whoever purchased $110 strike price call option with $9.75 will be in the money if the spot price closes at $119.75 on the third friday of December. But same call option with $200 strike price is selling for $3.51 meaning, the call option buyer will be in the money if the spot price exceeds $203.51 on the third friday of that month. What am I missing here? Who would wanna buy an option that would be in the money at $203.51 whereas you can get one at $119.75 in the money. I understand you have to put up 3x more money at the beginning but there is almost 2x more risk to take. Can someone explain?