Objective: Profit from a decline in the underlying asset's price. Max Profit: At the middle strike price at expiration. Max Loss: Limited to the net premium paid. Breakeven Points: Lower: Lower Strike + Net Premium Paid Upper: Upper Strike - Net Premium Paid Market Outlook: Best for expecting a moderate decline and low volatility. Advantages: Limited risk, potential high reward. Disadvantages: Requires precise price prediction, complex management.