Buy 1 ITM Put + Sell 1 OTM Put
Limited Downside Profit
If Price of Underlying <= Strike Price of Short Put
Max Profit = Strike Price of Long Put - Strike Price of Short Put - Net Premium Paid - Commissions Paid
Limited Upside Risk
If Price of Underlying >= Strike Price of Long Put
Max Loss = Net Premium Paid + Commissions Paid
Breakeven Point
Breakeven Point = Strike Price of Long Put - Net Premium