| Strategy | Action | Legs | Risk Profiles | Best When |
|---|---|---|---|---|
| Naked Put | But 1 ATM Put | 1 | Limited | Strong Conviction |
| Bear Putt Spread | Buy ATM put + sell OTM Put | 2 | Limited | Moderate downside |
| Bearish Ratio spread | buy 2 ATM puts + sell 1 OTM put | 3 | Unlimited | Volatile markets |
| Bear call spread | Sell ATM Call + Buy OTM Call | 2 | Limited | midly bearish |
| Bear call ladder | Sell ATM Call + Buy OTM Call + buy deep OTM call | 3 | Unlimited | high volability |