This is a papertrade that I'm putting up to be pulled to shreds by you guys, bearing in mind that I have primarily been a FTSE100 index short strangles/ratio call spread merchant, and with IV down at around 10 - 12 it has finally made me throw in the towel so far as selling index volatility is concerned. Also since 911 I no longer like the thought of naked puts. All part of the learning process! There would appear to be a calendar ratio backspread trade on ATRX. Sell 1 x Mar 25 call @ 3.0 - vol 67.6, buy 2 x May 30 call @ 1.4 - vol 47.7. Price based on Fridays close. Downside seems to be very limited unless IV for May implodes. Current IV for the >90 day calls is close to 2 year lows, and has only briefly dipped below 40 on one occasion in the last 2 years. Greatest risk would appear to be a gentle rise to around $30 which is resistance from Aug/Sept 2003. Comments anyone? Is this a reasonable trade or am I missing something important?