Risk Reversal
A directional options structure that combines a long call and short put (bullish) or long put and short call (bearish).
Explanation
Risk reversals express directional bias with limited upfront debit or even net credit depending on skew. They are sensitive to skew changes and can resemble synthetic stock exposure.
Example
Bullish risk reversal: buy 105 call and sell 95 put with same expiration.