Create a bull put ladder for bitfarms

A bull put ladder for Bitfarms Ltd (BITF) can be created by following these steps:

1. **Understanding the Strategy**: The bull put ladder is a bearish strategy that offers limited risk and unlimited potential profit if the stock price falls. It is typically used when the trader is certain that the underlying asset will be moving significantly, in this case, Bitfarms Ltd.
2. **Selecting the Expiry**: Choose an expiry date for the options that aligns with your outlook on the stock's movement. This should be a medium to long-term expiry to allow the underlying asset to move and make the position profitable without time decay destroying the long options.
3. **Legs of the Ladder**:
- Sell one ITM put option (Strike Price A)
- Buy one ATM put option (Strike Price B)
- Buy one OTM put option (Strike Price C < A)
- All options have the same expiry date
4. **Breakeven Points**:
- Lower Breakeven Point: The stock price must fall below the lower strike price (C) for the position to become profitable.
- Upper Breakeven Point: The stock price must be between the higher strike price (A) and the middle strike price (B) for the maximum loss to be incurred.
5. **Maximum Profit**:
- The maximum profit is unlimited on the downside, as the trader is buying more puts than they are selling.
- On the upside, the profit is capped at the difference between the strike price B and the stock price at expiry.
6. **Maximum Loss**:
- The maximum loss is limited to the difference between the strike price A and the strike price B.
7. **Advantages**:
- The bull put ladder is safest to choose as a medium to long-term strategy to allow the underlying asset to move and make the position profitable without time decay destroying the long options.
- It is less risky than a bull put spread and more profitable if the stock price falls.
8. **Disadvantages**:
- The strategy requires significant volatility to be profitable.
- Time is harmful when the position is unprofitable but helpful once it becomes profitable.

By executing a bull put ladder for Bitfarms Ltd, you are speculating on a decrease in the stock price, with the potential for unlimited profit if the stock falls below the lower strike price and limited losses if the stock remains between the higher and middle strike prices.