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Variable ratio write is an option strategy in which investor holds a long position in underlying asset and writes both in the money and out of the money calls per 100 shares of stock with varying strike prices.
Ratio represents the number of calls written per 100 shares of stock. This is considered conservative option strategy, as it seeks to minimize losses, rather than to maximize returns. Variable ratio write has limited profit potential, as its returns will be equal to premiums for the call options.
For example, if investor holds a long position in some underlying stock, in 4:1 variable ratio write he will write two out of the money calls and two in the money calls per 100 shares in underlying stock.
The difference between "variable ratio write" and "ratio call write" option strategies is in the fact that in the ratio call write strategy investor will write only in the money calls, while writing both in the money and out of the money calls in variable ratio write strategy.