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In combination positions (e.g. bull spreads, butterflys, ratio spreads), one can use calls or puts to achieve similar, if not identical, profit profiles.

Like its call counterpart, the ratio put spread combines options to create a spread which has limited profit potential and a mixed loss potential.

Like the other ratio spreads covered in this course, the ratios are usually used in a 1:2 or 1:3 ratio. They are rarely put on beyond a 1:3 ratio, due to the excessive downside risk.