1: Buy 1 put at higher stike price
2: Sell 2 put at lower strike price
The idea is to profit from the spread of two put when stock is going down, but at the same time, willing to buy the stock at much lower price if it keeps dropping.
This method is only useful when market is uncertain and you want to limit the risk. For example, a VST 140:120 (1:2) ratio put would only require you to buy VST at 100 if it really drops much further from here.
If market is in clear uptrend, this method is no good as you will not profit much by using this