Bull Call Backspread
A bull call backspread is similar to a long call option as far as your outlook on the underlying stock (i.e. you want it to go higher), but you use the sale and purchase of different ratios of options to protect against a possible move lower. These are often referred to as “ratio spreads” because you are buying and selling options at intervals of 1:2 or 2:3 etc. With this particular strategy, you would sell a call option and then buy 2 higher strike calls, which still makes you a net buyer of options at a ratio of 1:2.