Double Calendar

Either works - the profit profile is similar. Consider using put calendars for the lower strike (benefits from put skew) and call calendars for the upper strike (OTM calls often cheaper). Or use all calls or all puts for simplicity.

Realistic profit targets are 25-40% of your total debit. If you paid $800 total, targeting $200-$320 profit is reasonable. Maximum profit can be higher (50-60%) but requires stock to be perfectly positioned.

That's actually a good outcome - one of your calendars is at maximum profit. Consider taking profits on the entire position, or at least the profitable calendar. The other calendar may still have value.

Yes, you're buying two calendars, so the total debit is roughly double. However, you get a wider profit zone in exchange for the higher cost.

Use technical analysis - place the lower strike at a support level and the upper strike at a resistance level. These are prices where the stock has historically bounced, making it more likely to stay between them.

Options include: 1) Close entire position and take the loss, 2) Close the calendar on the side being broken, keep the other, 3) Roll the broken calendar to follow the stock. Choice depends on your view of whether the breakout will continue.

Yes, this is a common adjustment. If stock moves toward one strike, you might roll that calendar (capture profits, reset position) while leaving the other untouched. This allows you to adapt to stock movement.

If using call calendars and a short call goes ITM before ex-dividend, you may face early assignment. Monitor dividend dates. Either use put calendars to avoid, or roll/close before ex-dividend.

The valley is the slightly lower profit area between your two strikes. It's still profitable - just not at maximum. This is actually a feature, not a bug. You profit across the entire range, with peaks at the strikes.

Add more contracts to the upper calendar for bullish tilt, or to the lower calendar for bearish tilt. Alternatively, place strikes asymmetrically - closer to the direction you expect less movement.

Examine IV at each strike and expiration. Look for strikes where back month IV is relatively low (cheaper to buy) and front month IV is relatively high (more premium to sell). Term structure and skew both affect optimal strike selection.

Limit double calendar exposure to 10-20% of your options portfolio due to concentrated vega exposure. Diversify across uncorrelated underlyings. Monitor aggregate vega across all positions to avoid excessive IV sensitivity.

Calculate expected move from ATM straddle price. Place your strikes outside this expected move. This means the market-implied probability of reaching your strikes is lower, giving you a higher probability trade.

Use a put calendar at the lower strike (benefits from elevated put skew - OTM puts are expensive to sell) and a call calendar at the upper strike (OTM calls are cheaper - call skew works in your favor). This optimizes skew exposure.

Backtesting is challenging due to needing historical IV across multiple strikes and expirations. Use options analytics platforms with historical Greeks data. Test across different IV regimes (low, medium, high) and range-bound vs trending markets.