Bear Put Spread
...or Bear Spread (Put)
Position
Type
Strike
Expiration
Quantity
Short
Put
ATM (0)
Long term
1
Long
Put 
ITM (+1)
Long term 
1
         
         
Example:
Short 1 Oct 60 Put @ 4 1/4
Long 1 Oct 65 Put @ 7 1/4
Opinion: Bearish to very bearish
  
   
Description:
A Bear Put Spread is a type of Vertical Spread. It contains two Put options with different strikes. The higher strike option is the long Put while the short Put is one of the strike prices below the long Put.

This strategy is equivalent to the Bear Call Spread, but is done for a debit!