What would you call this option strategy?

Buying 2 month OTM calls
Financing the purchase with 1 month OTM calls (but much closer to ATM)

Delta neutral calendar ratio write?

 

If expirations were the same then it would be a backspread so I'd call it a calendarized backspread or a time backspread.

 

or a diagonal spread? as it's a vertical + a horizontal. But does the name really matter?

One thing, by have a net premium = 0 does not necessary mean net delta = 0 = delta neutral

 

I calculated the delta to be 0, and net premium is approx 0. I put less weight on the latter. Thanks

 

There is a long/short ratio. 2:1 to 3:1
I think "neutral calendar ratio" might have to do.
Does the term backspread include a ratio write?

 

A backspread is defined as short 1 call and long 2 higher strike calls with the same expiration.

 

That's a 1:2 ratio spread but you're selling it not buying it. All exchanges name the options spreads (strategies) from the buy side perspective.

 

Thanks
Here's approx what I did:

BOUGHT total ~25 Oct SPY calls 136, 137, 138 strike
SOLD total ~10 Sept SPY calls 130, 131

approx delta neutral
approx 0 debit/credit

the idea being:
-if the market tanks or even goes nowhere the trade costs nothing,
-if the SPY is in the 130- 131 range on Sept expiry then the 25 long calls are free (currently the SPY is 128.60)
-if the market rockets then the 25 long calls can offset the 10 short

 

you did a ratio diagonal..if your directional guess in Sept is right then you have the back month paid for...if your wrong you don't