Long combo (risk reversal)
BullishUnlimited profitLimited loss
Sell an OTM put to finance an OTM call: bullish risk reversal.
Payoff at expiry — live BTC example
Net debit
$71.28
Max profit
Unlimited
Max loss
$76,271
Breakeven
78,671
Example legs (0.6 DTE front)
- Sell 76,200 put
- Buy 78,600 call
Entry greeks (per 1 BTC notional): Δ 0.303 · Γ 0.0201 per 1% · vega $2.39/pt · theta $-112.62/day
How it works
Short put pays for the long call: cheap or free bullish convexity, with long-like risk below the put.
When to use it
Bullish with tolerance for assignment at the put strike — a favorite for expressing skew views.
Risks & management
Looks free until the downside: below the put strike it is a full long position from that level.
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.