Backspread (Reverse Ratio Spread)

A backspread is the structural opposite of a ratio spread: you sell fewer options than you buy. The classic call backspread: sell 1 ATM call, buy 2 OTM calls. The put backspread: sell 1 ATM put, buy 2 OTM puts. This creates a position that is long vega and long gamma — it benefits from both large di