In spread trading, the least risky and volatile spreads are the Intramarket, that is when you are long and short on futures of the same commodity but with different deliveries (aka calendar spread or David CarliI am a macroeconomic and financial analyst with over 30 years’ experience, including two years as a fund manager. I specialise in currencies and commodities, and I am the author of several successful books on trading, macroeconomics, and financial markets.