# Long Put Diagonal

> Does the skew even justify a put diagonal instead of a plain bear put spread?

| Property | Value |
| --- | --- |
| Market phase | Topping out, or a quiet downward drift, Range-bound, no trend, price oscillating between levels |
| Driver | Theta - you get paid because time passes and premium decays, Delta - you get paid because price moves your way, Path-dependent - the outcome depends on WHEN price is where, not just where it ends up |
| Direction | moderately bearish |
| Max profit | by simulation only |
| Max loss | approximately the debit |
| Risk defined | Yes |
| Legs | +1 Put @K_high (far expiration, deep ITM); -1 Put @K_low (near expiration, OTM) |
| Approval level | 3 (Defined-risk spreads) |
| Experience | Advanced |

## Formulas

```text
Break-even: simulation only
Max profit: by simulation only
Max loss: approximately the debit
```

## Legs

1. +1 Put @K_high (far expiration, deep ITM)
2. -1 Put @K_low (near expiration, OTM)

[Read this strategy on the web](https://www.mindtrajour.com/en/academy/strategies/long-put-diagonal)