Strategies 
Ratio Call Back Spread 
Component 
Sell 1 call with lower strike price/level and buy 2 call with higher strike price/level
1. Result in net premium received
2. Result in net premium paid 
When there is net premium received: 
Potential Profit 
 When the stock price/index level is below the lower breakeven point, limited to net premium received
 When the stock price/index level is above the upper breakeven point, unlimited & equals to the stock price/index level minus the upper breakeven point

Maximum Loss 
 When the stock price/index level is between the upper and lower breakeven point
 Equals to the strike price/level difference minus net premium received

Time Value Impact 
Negative 
Breakeven 
 The lower breakeven point equals to lower strike price/level plus net premium received
 The upper breakeven point equals to upper strike price/level plus strike price/level difference minus net premium received

Remarks 
Compared with long straddle, a Ratio Call Back Spread (with net premium received) has unlimited profit on the upside but limited profit on the downside. 