Bear Put Backspread
A bear put backspread is similar to a long put option as far as your outlook on the underlying stock (i.e. that you want it to go lower), but you use the sale and purchase of different ratios of options to protect against a possible move higher. These are often referred to as “ratio spreads” because you are buying and selling options at intervals of 1:2 or 2:3 etc. With this particular strategy, you would sell a put option and then buy 2 lower strike puts, which still makes you a net buyer of options at a ratio of 1:2.