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I saw a presentation on calendars by Himanchu Raval (learned from Dan Sheridan, apparently one of his best students on calendars). Some of his criteria: ◦ Low Volatility environments – preferably the IV of the underlying should be in the bottom one-third of the range of the last 6 months. ◦ Initiate these trades after a couple of up days when the IV has dropped a bit. ◦ The trade can be started anywhere from 45 days to expiration down to 7 days for the weeklies ◦ The back month option need not be the very next month. It can be up to 4 – 6 months further out in time. ◦The Skew is the difference between the IV of the front month strike and the back month strike. Want this to be positive (but not too much) or we want this to be more or less flat (close to zero). If the back month is more than a month away, then the skew should not be less than -4