Watching a video recently concerning setting up a horizontal calendar spread the person on the video set up both ends of the spread in the money. As a newbie, I'm having a hard time understanding the why of that in regards to risk management. I know you do it because the delta move can increase the value so fast but it looks to me like the near end you sell would be in danger of immediately being exercised. Can someone help me understand why one would do that in light of the risk? Or is there something obvious I'm missing? Thanks.