Setup: sell 1 ATM put, buy 2 puts 5–10 points OTM, same expiration. Useful for crash hedges and ahead of binary downside catalysts. The credit collected reduces or eliminates the structure's cost; the two long puts provide unbounded downside profit if the stock collapses through the lower strikes.
Equity skew works in your favor here: OTM equity puts trade at higher IV than equivalent calls, making the long puts more expensive — but the short ATM put also collects more premium because of the same skew. The net cost typically remains low. The structure is a favorite of tail-risk traders who want to maintain crash protection without the ongoing premium drag of buying puts outright.