An investment strategy combining options to limit risk while still allowing potential for profit.

This is typically done by selling one call option then using the premium from it to purchase multiple call options at a higher strike price. It is theoretically possible to profit without limit using this strategy, since more long call options are held than short. Investors who use this strategy sell fewer calls at a low strike price and buy more at a high strike price. Generally the ratio of short calls to long calls is either one to two or two to three.