I have some experience trading options. Got clobbered on the Iron Condor, made some money doing calendars only. I wanted to share something that I have not seen taught anywhere, and think you might find useful. I call it the Monkey Calendar. Its "tail" supports the body of the calendar. 1. Place a bullish calendar, above the market. (the body) 2. Above the body, place a short call vertical. (the tail) That's it. The "tail" protects the down side of the calendar, AND it provides some hedge against vega risk (volty moves down) on the upside. This is an interesting alternative to the double calendar.