Bear put spread + one more short put lower. Cheaper entry; risk below the bottom strike.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
A bear put spread plus one more short put lower. The extra premium cuts the cost — in exchange for giving back profits, then losing, if the stock collapses past the bottom strike.
Bearish to a support level, confident it holds there. The cheap way to short a grind lower.
Substantial below the bottom strike — the naked short put means a true crash turns a winning thesis into a losing trade. Size for the crash case, not the base case.
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Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.