What is 25D Risk Reversal? 25D Risk Reversal is the price of a 25 delta call – the price of a 25 delta put, both with 30 days to expiration. Why does 25D Risk Reversal matter? This reflects the demand of put options vs call options. How to use 25D Risk Reversal Sharp changes in this ratio indicate a change in investor demand. When the ratio shifts towards 0 it indicates call demand, and away from zero indicates traders are placing a higher price on put options. Related articles What is Key Gamma Strike? What is Key Delta Strike? What is Delta Neutral Price? What is Net Delta? What is Gamma Notional?