you are confused about "selling 2 puts"

Still lack fundamental undertsanding of "spread".

There is only "1" put being sold in the ratio spread, not 2. The first spread (buy 1 480 and sell 1 465 is neutral and will net in "0" put position.  Only the 2nd sell 465 results in 1 put position). Therefore, you can not compare this with a stratgey to sell 2 465 put.

Really suggest you read up books and study more. You concept is all wrong, and it  could hurt you in the hedge. This just can't be explained on a forum like this

所有跟帖： 

• 舉個極端的例子，即使APP掉到100，480-465（1:1）的組合任然有$15的價值，所以這個465是永遠不會被買進的 -三心三意- ♂ (0 bytes) () 02/18/2025 postreply 16:00:58

• 這樣的話，永遠隻能賺這$15 max profit. 我是在比較max profit. 也就是哪邊hedge 的最大化呀 -aloevera- ♀ (91 bytes) () 02/18/2025 postreply 16:11:14

• 再給你舉個極端的例子，你可以賣100 張465的Put contact，那豈不是max profit1更多？ -三心三意- ♂ (0 bytes) () 02/18/2025 postreply 16:14:54

• 因為put ratio spread 就是賣2張put呀，所以也用2 張put 在selling put only上。 -aloevera- ♀ (692 bytes) () 02/18/2025 postreply 16:36:57

• I gave up :) -三心三意- ♂ (0 bytes) () 02/18/2025 postreply 16:39:41

• Sorry for taking up so much of your time! Feel bad。 -aloevera- ♀ (0 bytes) () 02/18/2025 postreply 16:41:13

• After dinner, I relooked at your posts. I think I've got it -aloevera- ♀ (532 bytes) () 02/18/2025 postreply 20:35:20

• 要係統的學呀，這樣操作太危險 -三心三意- ♂ (0 bytes) () 02/18/2025 postreply 16:15:54

• 唉，學藝不精見笑，目前先不做這個交易了。 -aloevera- ♀ (167 bytes) () 02/18/2025 postreply 16:39:39