Why is this a superior trade to selling a naked call. If, for example, you write two OTM and buy one ATM, you are still naked one OTM. How much of a hedge is that single long and capped call? Is it worth giving up the extra premium of a second naked call? Or just doing one naked? The risk reward thing of the ratio spreads, puts or calls, seems overblown to me. What am I missing? Secondly, is there an advantage to writing the ATM call in the near month and writing in the next two months? Or vice versa, making it a calendar ratio call spread, I guess.