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I received a question recently that I hear all the time:
“Is there a preset trade structure in Thinkorswim for ratio spreads?”
Here’s the thing — I don’t know if there is one, and honestly, I don’t think it matters.
Once you understand how to build trades manually, you stop needing the platform to hand you a template. You start thinking in terms of structure, risk and reward.
Let me walk you through exactly how I construct a ratio spread in Thinkorswim web, using a recent John Deere (DE) example. This isn’t about memorizing steps — it’s about understanding what you’re actually building.
Building the Trade From Scratch
I navigated to the option chain for John Deere and pulled up the Jan. 15, 2027, expiration. Then I identified my strikes: the $310 and the $300.
The construction process is straightforward once you get the mechanics down. I clicked to buy the $310 put, then clicked to sell the $300 put.
From there, I adjusted the contract quantities — buying one and selling two to create the ratio spread. I entered $3.05 as my target credit for the position.
Getting comfortable with manual construction comes down to simple mechanics: clicking on the ask price to buy, clicking on the bid price to sell, and finding the mid price when you’re building a spread.
Once you build trades this way, it stops feeling complicated — it’s just understanding what a trade is.
Now, here’s where platform quirks matter — in Thinkorswim, positive numbers indicate credits while negative numbers indicate debits.
It’s the opposite of what some platforms use, so pay attention to that when you’re entering orders.
One important note about capital requirements — if you have a cash account or an IRA, the buying power requirement is pretty expensive.
Margin accounts show way cheaper requirements. It takes down some serious buying power, so if you don’t have that capital available, don’t force the trade.
The real advantage of building trades manually is control. The platform should serve your strategy — not define it.
When you learn to construct your trades from the ground up and understand each component, you gain complete control over both your risk management and your position structure.
Why Manual Construction Matters More Than You Think
When I first started teaching options, my focus was getting traders comfortable building trades themselves.
Once you’re comfortable clicking to buy, clicking to sell, and finding the mid price, you start to understand the real foundation of trading.
A ratio spread is a combination of a debit spread with a naked put.
A butterfly spread is a combination of a debit spread and a credit spread with the same overlapping sell strike.
That’s why you see that profit trap point in the middle.
At the core, every option strategy out there is just some combination of calls and puts. And ultimately, that combination dictates where you have risk and where you have reward.
When you understand that, strategy stops feeling like a set of templates and becomes a flexible toolkit.
The platform is simply the tool. The strategy is yours. Build it that way.
I’ll see you in the markets.
Chris Pulver
Chris Pulver Trading
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
P.S. 1 Strange Trade Would Have Doubled A Stake 31 Times in 2025 Alone…
And according to two former hedge fund traders, this special option could present more opportunities in 2026.
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We develop strategies to the best of our ability, but we cannot guarantee a future return. There is always a risk of loss when trading. Past performance is not indicative of future results. The results shown are from a 237-trade backtest from 1/1/20 – 1/1/26. The result was a 70% win rate, 40% average return (winners and losers), with a 7-day hold time.
