I wouldn't want to get you into Calendars at this time.
too complex in regards to management and adjustments. Plus, it would take more capital, which you don't need to do right now.
Regardless, here is my PnL on it currently...
Debit to open the 5 contract RUT Calendar was $3850.
Currently up ~1.95% or $75. Been in the trade 2 days.
Profit target is 15%. Max loss would be 15% as well.
A Calendar spread or "time spread" is essentially buying a far expiration option, usually ATM, and selling a near expiration option against it. The profit comes from realizing that the near expiration option's premium, or time value, erodes quicker than the far expiration's premium. This is a net theta positive strategy, so time works in your favor.
It is also a Net Vega positive strategy. So, if IV goes up (market goes down), the position benefits. This is a good strategy when the market is overall low volatility, like now. VIX ~14. The volatility is much more likely to go up from here. It can't go down much lower.
This is just one of the non-directional positions that I will open.
Again, management and adjustments is fairly complex, as is a high capital requirement, so I would not involve yourself now in them. Just continue learning the fundamentals of options trading first.