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Are SPX call diagonals/calendars worth it? IV crush

D
Jun 28, 2026 · 01:19

I am just wondering, for puts it makes sense since these strategies are vega positive and when market goes down IV goes up for puts, but what about the call side?

Does SPX calls IV go up if SPX goes up? I would say calls IV go down and diagonals and calendars lose value, so is it worth it to run vega positive strategies for calls?