What is Ratio Spread? These are call or put spreads where you buy the closer to ATM options and sell a higher number of more OTM options, often spending little or no premium. They have open ended risk, so they should be considered carefully and their risk managed with caution. Related articles What is Realized Volatility? What is Regular / Contango? What is Structural Dealer Positioning? What is a Call Spread? What is Top Put OI (Open Interest)?