Currently, that spread is priced at a 1.73 ($173) debit for the SPY spread, but I don't want to pay that. As price moves toward the spread, it's price will decline. Given the fact it's a three-wide, I want to ideally only spend something like 1.00 ($100) on that spread, so I'll set up a GTC order for a 1.00 fill for this coming week and go from there.
Notes: As you can see from my posts, I'm largely a premium seller, so my go to strategies are generally credit spreads. With SPY's implied being somewhat low here (it would go even lower on an upmove), premium selling isn't that great here, so I'm looking for a small position alternative over entering a comparatively buying power heavy short /ES position ... .
If you are below that strike from the start and you want to bet On falling Markets you need at least a 2-1 spread, 2 long puts versus 1short Put. Please correct me if iam wrong