Put Backspread's are a great strategy if you are bullish and bearish at the same time, however, have a bias to the downside. Looking from the payoff, you can see that if the market sells off you make unlimited profits below the break even point.
The put backspread is opened by buying any number of out-of-the-money (OTM) put options (i.e. put options whose strike price is below the current stock price, and selling a smaller number of in-the-money (ITM) put options (i.e.
The put backspread is a strategy in options trading whereby the options trader writes a number of put options at a higher strike price (often at-the-money) and buys a greater number (often twice as many) of put options at a lower strike price ...
With a put backspread, you buy a greater number of lower strike (lower delta) puts and sell a lesser number of higher strike (higher delta) puts, again with the same expiration.
 See also: Backspread, Profit, Options, Loss, Premium
  
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