Put version of the calendar spread. Sell a near-term put and buy a longer-term put at the same strike. Same mechanics as the call calendar but with put options. Benefits from time decay and rising implied volatility.
Variable — depends on time decay differential
Net premium paid
Approximately at the strike price
Short 1 near-term Put + Long 1 longer-term Put (same strike)
Limited profit, limited risk. Profits from time decay differential between expirations.
When you expect the stock to be near the strike at front-month expiration. When you're neutral to mildly bearish. Good when IV is relatively low and expected to rise.