What "put spread" means in finance

A put spread is a trading strategy that involves buying and selling put options on the same underlying asset, but with different strike prices. The strategy involves purchasing a put option with a higher strike price and simultaneously selling a put option with a lower strike price. This results in a net debit to the trader's account, as the premium paid for the higher strike put option is higher than the premium received for the lower strike put option. The put spread is a bearish strategy, as the trader is betting that the underlying asset will decline in value. If the underlying asset does fall in price, the trader can profit from the difference in the strike prices of the put options.