An option strategy using differential rates of price decay. This strategy might make money on the spread - because the price of the shorter contract decays at a faster rate than the long option. One would make money unless prices rise in the short-term and keep increasing after that.
Related information about put calendar:
- Put Calendar Definition | Investopedia
 An option strategy: -Buy one put option contract with 90 days or more until   expiration-Sell one put option contract (at the same strike price) with 45 days or   less ...
 
- Calendar Put Spread by OptionTradingpedia.com
 Learn everything about the Calendar Put Spread options trading strategy as well   as its advantages and disadvantages now.
 
- Short Put Calendar Spread
 Home > Strategies & Advanced Concepts > Strategies > Short Put Calendar   Spread. Strategy Section. Bear Call Spread · Bear Put Spread · Bear Spread   Spread ...
 
- Long Put Calendar Spread
 Home > Strategies & Advanced Concepts > Strategies > Long Put Calendar   Spread. Strategy Section. Bear Call Spread · Bear Put Spread · Bear Spread   Spread ...
 
- Options Trading: How To Use A Put Calendar Spread To Trade ...
 Mar 15, 2012 ... When the combination of a bearish chart pattern and low implied volatility   coincide, the knowledgeable options trader will often consider this ...
 
- Trade Update JPM: From Put Calendar To Put Vertical, Not As ...
 Oct 22, 2012 ... Trade Update Oct 22nd, 2012: With Oct expiration come and gone, the Oct 41   Puts that I was short expired worthless, and I am left long the Nov ...
 
- Trade Update- Goldman Sachs (GS): From Put Calendar to Put ...
 Oct 23, 2012 ... As Enis mentioned in the Name That Trade post earlier today, the Oct / Nov 41   put calendar that I traded last week ahead of JPM earnings has ...
 
- Trade Update – JCP: Closing Oct/Nov Put Calendar For Small Gain ...
 Sep 20, 2012 ... Update Sept 20th, 2012 at 3:04pm: Well after all that work on one little event, I   guess I got the story so right that I almost got the trade wrong.