Here's a new calendar strategy where you put on several calendars at different strikes to give you the ability to profit if the stock goes up or down along those strikes you bought. If the stock starts moving in one direction or the other, you can remove any of the outer legs and replace a put calendar at a higher or lower strike for more directional protection.
BOT MAY 08 120 for $3.08 & Sold APR 08 120 PUT for $1.78 = $1.30 total debit
BOT MAY 08 122 for $3.75 & Sold APR 08 122 PUT for $2.33 = $1.42 total debit
BOT MAY 08 126 for $5.35 & Sold APR 08 126 PUT for $3.97 = $1.38 total debit
I also put on the May/Apr 124 put but could not get it filled so that is why there's a gap between the 122 and 126 above.
Total debits (risk) = $12.18
Total credits= $8.08
Total cost basis= 1.30 + 1.42 + 1.38 = $4.10
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