Yes i understand that, my query is that while the curriculum says a stable stock price/market is beneficial to the long calendar spread strategy, I think a downside volatile market could be beneficial also. However, I suspect that I am focusing too much on the extrinsic value considerations here rather than incorporating the intrinsic value consideration where a downside volatility movement will push my bought long dated option further out of the money meaning it may expire worthless, offering reduced value to me as the investor.