calender spread, capture time value
In CFAI mock qns (Mazza), it is stated that in long calender spread, time value is captured from short near-dated option which expired worthless.
Q: in short calender spread, is time value captured from long-dated option which expires worthless ?
Q: how to understand the capturing of time value, to me only intuitive part is that long-dated has more time value than short-dated (hence long-dated is more expensive). short-dated option should have little time value to begin with ? if long-dated option is in-the-money and exercised at maturity, is that capturing extrinsic value only ?
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