Bear put ladders offer more downside protection in exchange for a smaller net credit. They resemble ratio put spreads, but instead of selling two or more puts at a lower strike, they sell the same number of puts at two different strikes below the market.

"Bull call ladders" (Futures & Options Trader, August 2007) compared ratio call spreads to bull call ladders, both of which face large losses if the market rallies sharply. By contrast, the following put spreads can lose money if the market tanks. Both types of positions offer similar potential gains and losses, but on opposite sides of the market.