Bear Put Ladder:
A bear put ladder is simply a bear put spread with the additional sale of another put at a lower strike price. This position assumes unlimited risk potential because the trader is short 2 put positions and long 1 put position. However, the maximum reward is capped. This option strategy is neither bullish or bearish, but rather depends on how close the final stock price falls to the middle priced put option. If the price of the stock goes above the higher strike put (the long position), you have a loss on the trade. Additionally, if the stock ends below the lower price put, you also incur a loss. Therefore the trader wants the stock to remain within the outermost strike prices.
Below is the risk profile for a bear put ladder:
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