Calendars, diagonals, and the poor man's covered call all sell a nearer-dated option against a longer-dated one. The near option decays faster, and that difference is the trade. These are quieter structures, and some of the most capital-efficient in the curriculum.
Built for traders who want the worst case known first
Time spreads are where options start to feel less like a bet and more like a position you manage. They reward patience and a clear plan for rolling the short leg.
You understand verticals and want structures that use time decay rather than fight it
You like the covered call idea but do not want to tie up the cash for 100 shares
You expect a stock to drift slowly, or stay near a level, over the next few weeks
You are comfortable managing a position and rolling the short leg on a schedule
Every structure below is drawn as a risk map before a single number is discussed.
What is inside
Three time-based structures
Each lesson covers leg selection, the role of implied volatility in each expiration, and a rolling schedule.
The short leg is where most of the decisions happen. The lessons give you a plan for each scenario:
Pick the long leg first, with enough time that the short leg can be rolled several times
Treat the full net debit as the risk and size to it
Roll the short leg on a schedule, not out of hope
Know the ex-dividend and earnings dates for assignment and volatility risk
The Wolf Eye rules
Know the worst case first. Max loss in dollars, before entry.
Size off the max loss. 0.5% to 1% of the account per idea.
Write the exit before the entry. Kill a failed thesis at the close.
Bucket correlated names. 1% to 1.5% total.
How it fits
How this category fits the Wolf Eye path
Time spreads are a step beyond the verticals in Starter Week ($36). The Options Courses Pack ($297) covers all three in full, with videos. The Service shows how longer-horizon structures sit next to the shorter-dated ideas on the 2pm list.
Because the long leg still has time left when the short leg expires, and its value depends on where the stock is and what implied volatility does. The lesson shows the range of outcomes.
Is a PMCC the same risk as a covered call?
No. The capital at risk is smaller, the net debit, but the long call can lose value faster than stock in a sharp decline, and assignment on the short call needs a plan.
Is this investment advice?
No. Everything on this page and inside the products is education and research. Examples use a hypothetical ticker, XYZ. You decide what, if anything, fits your own account.
What happens after the $9 trial?
The trial runs for 3 days. After that it continues at the plan shown on the checkout page unless you cancel before it ends. Full plans are $97 per month or $997 per year; see the Service page.
Education disclaimer. Wolf Eye Options is an education and research publication. Nothing on this page is investment advice, a recommendation, or an order to buy or sell any security, and nothing here is personalized to your situation. Options involve substantial risk and are not suitable for every investor; an option can expire worthless and you can lose the entire premium paid, and some structures (such as covered calls and cash-secured puts) carry the downside risk of owning stock. All trade examples are hypothetical, use the placeholder ticker XYZ, ignore commissions, fees and assignment risk, and are shown only to explain structure and risk. No results, returns, or win rates are claimed or implied. Before trading options, read Characteristics and Risks of Standardized Options published by the OCC, and consider consulting a licensed professional.
