Strategies 
Ratio Put Back Spread 
Component 
Sell 1 put with higher strike price/level and buy 2 put with lower strike price/level
1. Result in net premium received
2. Result in net premium paid 
When there is net premium received: 
Potential Profit 
 When the stock price/index level is below the lower breakeven point, substantial, equals to lower breakeven point minus stock price/level
 When the stock price/index level is above the upper breakeven point, limited to net premium received

Maximum Loss 
 When the stock price/index level is between the lower and upper breakeven point
 Limited to the strike price/level difference minus net premium received when the stock price/index level is equal to the lower strike price/level

Time Value Impact 
Negative 
Breakeven 
 The lower breakeven point equals to lower strike price/level minus the strike price/level difference plus net premium received
 The upper breakeven point equals to higher strike price/level minus net premium received

Remarks 
Compared with long straddle, a Ratio Put Back Spread (with net premium received) has substantial profit on the downside but limited profit on the upside. 