An option trading strategy (specifically a calendar spread) which is constructed by selling a near-month straddle while buying a far-month straddle on the same underlying. The calendar straddle is meant to make profit from rapid time decay occurring to the short position in the near-month options. This strategy is neutral, i.e., it is both a limited-profit and limited-risk one.

An investor following it behaves on expectation the underlying price would suffer trivial volatility in the short term.