A ratio back spread involves selling one lot of in-the-money options, and buying twice as many at- or out-of-the-money options (of the same type and expiry), to open the trade for a credit.

A call ratio back spread is strongly bullish, requiring a strong upward move to profit. Conversely, a put ratio back spread is strongly bearish.

A butterfly spread provides potentially high returns at a specific strike price (the body, or middle leg of the butterfly). Maximum risk is limited.