Buy 1 long put + sell 2 short puts lower. Credit; tail risk below the shorts.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Buy one put and sell two (or more) lower-strike puts, often for near-zero cost.
When you expect a drift down toward the short strike, not a crash through it.
The extra short put means a crash produces open-ended losses below the lower breakeven — a structure that profits from a modest decline can be badly hurt by a large one.
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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.