An option strategy using the sale of a short-term option and the purchase of a longer-term option, both having the same striking price. Either puts or calls may be used. A calendar combination is a strategy combining a call calendar spread and a put calendar spread, with the striking price of the calls being higher than the striking price of the puts. A calendar straddle combines the selling of a near-term straddle and the purchase of a longer-term straddle, both with the same striking price.