In summary, ratio spreads can take different forms in terms of how many of each position you buy and sell - i.e
. the ratio of 'buy' vs 'sell' positions and their respective strike prices. As such, they can be used for varying outcomes according to your own personal trading risk profile. If you have a good piece of software that will quickly analyze the risk vs reward ratios as a graph, you can easily assess the value of various combinations to determine the optimal choice for whatever overall option trading strategy you have in mind. Option Risk Graph Software