Calendar spread means risk off-setting positions in contracts expiring on different dates in the same underlying. For example, you take buy position for 200 shares in Fut – ACC- 26 Mar 2002 @ 150 and sell position for 100 shares in Fut – ACC- 29 Apr 2002 @160. 100 buy position in Fut – ACC- 26 Mar 2002 and 100 sell position in Fut – ACC- 29 Apr 2002 forms a spread against each other and hence called spread position.This spread position would be levied spread margin % for margin calculation instead of IM%. In this example, the balance 100 shares buy position in Fut – ACC- 26 Mar 2002 would be non-spread position and would attract initial margin.
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