What would you call this option strategy?

If expirations were the same then it would be a backspread so I'd call it a calendarized backspread or a time backspread.
 
or a diagonal spread? as it's a vertical + a horizontal. But does the name really matter?

One thing, by have a net premium = 0 does not necessary mean net delta = 0 = delta neutral
 
Quote from newguy05:

or a diagonal spread? as it's a vertical + a horizontal. But does the name really matter?

One thing, by have a net premium = 0 does not necessary mean net delta = 0 = delta neutral
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I calculated the delta to be 0, and net premium is approx 0. I put less weight on the latter. Thanks
 
Quote from MTE:

If expirations were the same then it would be a backspread so I'd call it a calendarized backspread or a time backspread.
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There is a long/short ratio. 2:1 to 3:1
I think "neutral calendar ratio" might have to do.
Does the term backspread include a ratio write?
 
Quote from BeatingtheSP500:

There is a long/short ratio. 2:1 to 3:1
I think "neutral calendar ratio" might have to do.
Does the term backspread include a ratio write?
More...

A backspread is defined as short 1 call and long 2 higher strike calls with the same expiration.
 
That's a 1:2 ratio spread but you're selling it not buying it. All exchanges name the options spreads (strategies) from the buy side perspective.
 
Quote from covered_call:

That's a 1:2 ratio spread but you're selling it not buying it. All exchanges name the options spreads (strategies) from the buy side perspective.
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Thanks
Here's approx what I did:

BOUGHT total ~25 Oct SPY calls 136, 137, 138 strike
SOLD total ~10 Sept SPY calls 130, 131

approx delta neutral
approx 0 debit/credit

the idea being:
-if the market tanks or even goes nowhere the trade costs nothing,
-if the SPY is in the 130- 131 range on Sept expiry then the 25 long calls are free (currently the SPY is 128.60)
-if the market rockets then the 25 long calls can offset the 10 short
 
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