Put version of the front spread/ratio spread. Buy one put and sell two puts at a lower strike. Profits if stock declines to the short strike but can lose significantly if the stock drops much further.
Long strike - Short strike - Net debit (or + net credit)
Substantial below short strikes (to zero)
Varies based on ratio and premiums
Long 1 ATM Put + Short 2 OTM Puts (1×2 ratio)
Limited profit at target. Substantial risk below short strikes.
When you're moderately bearish and expect a decline to a specific level. Advanced — unlimited risk below short strikes. Can be done for a credit.