E-Mini Crude (QM), is half the size of CL, and doesn't offer options. Using both of these markets, (CL and QM), is there a synthetic equivalent that can be created to mimic half of the value of a put ratio spread of both the purchased long put and the two sold OTM short puts. It would consist of a long CL put and two OTM short CL puts for around even money. The synthetic version I'm trying to create, would be the equivalent of 1 long ATM QM put and 2 short OTM QM puts (or 1 short CL put), for around even money.
1) Go deeper-out-of-the-money with both of your put-option strike-price selections. 2) If your clearing firm won't let you do the trade, you may have to do something that has defined, limited risk instead.