In a calendar spread the time value of the nearby option will decay more rapidly.

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A calendar spread involves buying a longer-term option and selling a shorter-term option with the same strike price. Since the nearby option has less time until expiration, its time value will decay more rapidly than the longer-term option. This is one of the reasons why calendar spreads can be profitable if the underlying asset's price remains relatively stable, as the gain from the longer-term option can outweigh the loss from the nearby option.

In a Calendar Spread the Time Value of the Nearby