Put Spread

PSPS-E1-Xhigh_Xlow

Bear put spread (debit). Buy higher put, sell lower put.

Expiry

Strike X1 (low)

Strike X2 (high)

Buying a put spread is bearish but caps the downside. Less premium than a naked put. Profit if underlying falls moderately.

Pick an expiry and 2 strikes to build the combo.