Investment Type: Debit
Strike Prices: ITM/ATM for sold leg, OTM for bought leg
Expiration Month: Same expiration month between sold leg and bought leg, preferably current month.
Composition: Buy higher strike put + Sell lower strike put

Bear Put Spread is the opposite side of Bull Call Spread. The main purpose of having this strategy is to reduce the overall cost and raise breakeven point compared to a simple Buy Put strategy. In addition to buying a put, we also sell lower strike (usually OTM) put with the same expiry date. Therefore our initial cost is reduced and we have better breakeven point. However, with this strategy, we severely limit our profit.

For Spread strategy, the only way to increase maximum reward is by adding more contracts. It certainly incurs more commission and slippage (difference between bid and ask price) costs. Therefore we need to be more careful in selecting the brokerage house.