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Is It Possible To Buy An Options Calendar Spread For Zero Cost?

The article explains that a zero‑cost options calendar spread is not feasible because the longer‑dated leg always carries more extrinsic value, resulting in a net debit. Using a Kimberly‑Clark put‑calendar example, the spread costs $20 (0.20 per share). Even with higher implied volatility on the short leg or temporary bid‑ask cross, true zero cost cannot be achieved. The piece also covers liquidity, legging, and the reward‑to‑risk implications of low‑cost calendars.