Also known as: Risk Reversal · Bullish Split-Strike Combo
Buy OTM call + sell OTM put. Bullish for little or no upfront cost.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Buy an out-of-the-money call, financed by selling an out-of-the-money put. Often costless or a small credit: the market pays you to be bullish, with a neutral zone between the strikes.
A conviction bullish trade when put skew is rich — you sell the expensive downside fear to buy the cheap upside. A favorite institutional structure for exactly that reason.
The short put is full stock-ownership risk below its strike. "Costless" refers to the entry premium, never the risk.
New to options? Start with the free curriculum — or see which strategy fits your outlook.
Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.