Calendar Spread
A spread that uses the same strike but different expiration dates, typically selling near-term and buying longer-term options.
Explanation
Calendar spreads are primarily time-structure trades. They seek to benefit from faster decay in the short option and potentially favorable changes in term-structure volatility. They are often built near the at-the-money strike and have a tent-shaped payoff around the short strike at near-term expiration.
Example
Sell 1x AAPL 150 call expiring this week and buy 1x AAPL 150 call expiring next month.