A complex options trading strategy which involves taking a long position in a ratio call spread (call backspread) and a short position in a ratio put spread (put ratio spread). Alternatively, it may involve a short position in a ratio call spread (call ratio spread) and a long position in a ratio put spread (put backspread).

For example, a cartwheel may be constructed selling one 50 call, buying two 55 calls, buying one 50 put, and selling two 40 puts.