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What is Ratio Call Spread?
Ratio Call Spread A bullish-to-neutral strategy where you buy one lower-strike call and sell two (or more) higher-strike calls. The extra short call is typically covered by the long call up to the short strike. Maximum profit occurs at the short strike. Risk is unlimited above the upper breakeven if the extra short calls are uncovered.
Complete definition
A bullish-to-neutral strategy where you buy one lower-strike call and sell two (or more) higher-strike calls. The extra short call is typically covered by the long call up to the short strike. Maximum profit occurs at the short strike. Risk is unlimited above the upper breakeven if the extra short calls are uncovered.
Example
Buy 1 $150 call for $5, sell 2 $160 calls for $2.50 each. Net cost: $0. Max profit $10 at $160. Unlimited risk above $170.
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