Put Ratio Spread is a neutral to a bullish strategy with no upside risk. It is doing by selling a far OTM put option to Long Put Vertical Spread. It is also known as the 1PE2PE Strategy.
Ideal IV Environment: High
Maximum Profit: Distance between the strikes + Credit received
How to Calculate Breakeven(s):
Here goes an example – https://unofficed.com/options-calculator/?save_id=5dde7de893a98660557422