Expectation : Moderately Bearish

Profit When : Down & Stagnant

Risk : Unlimited

Reward : Limited

Breakeven Pt : Strike Price of Short Put Options + [Maximum Profit / (number of short put options - number of long put options)]

Max Profit : (Total Credit From Short Put Options + [(Difference in strikes - Price of Long Putl)

OppiE's Note : Options traders usually sell enough OTM Put to totally cover the premium on the ATM Put or even to result in a net credit, making it a credit spread.