Is the backspread always a bear strategy? Most traders think of the put ratio backspread in this way. Why? Because it involves puts. But in fact, it is not a bear strategy, but a volatility strategy.

Last Friday, Nifty finally closed below 25,360, a level defended stubbornly for days. Then came the sharp fall, fueled by escalating tensions between Israel, the US, and Iran. Classic breakdown. And ...