sentences:  The maximum loss for this strategy is realised when, at expiration, the underlying has moved moderately bearishly to the price of the lower strike price.This strategy might be used when the trader believes that there will be a very sharp, downward move and would like to enter the position without paying a lot of premium, as the written puts will offset the cost of the purchased puts.The strategy can often be placed for a net credit when the net premium earned for the written puts minus the premium paid for the long puts is positive.