A ratio call spread is constructed by selling one call option and buying multiple call options at higher strikes with the same expiration, often achievable at near-zero net debit to create gamma exposure without negative carry.

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Speaker

Patrick Ceresna

Evidence Quote

what this involves is a combination like a spread trade of selling a call option and subsequently buying to higher strike price to call options against it with the same expiration on the same underlying security and the goal is to try to actually open this at a net zero cost

Source

Patrick Ceresna (Build Your Own DRAGON PORTFOLIO: How To Go Long Vol)George Gammon
Created: 8/10/2026, 11:03:13 PM

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