The Calendar Put Spread (including LEAPS) is a bearish strategy. This strategy is the reverse of the Calendar Call Spread. In this strategy an investor will use to buy a (long) an in-the-money put that is typically 6 months to 2 years before expiration and sell a (short) near-term put at a lower strike price. Because the long-term purchased put is in-the-money and has more time value, this strategy is always a debit transaction. A profit will be realized if the underlying stock moves below the break-even point. Some investors will trade the same strike Calendar Put Spreads (horizontal) which is a less conservative strategy than diagonal spreads.