**Buying a put already gives you a known maximum loss: the premium you pay, plus fees.** You can also construct a position that profits from either a large fall or a rise—but you must accept losses in some other scenario.

Your understanding of a put is broadly correct. It gives you the **right, rather than an obligation**, to sell its underlying asset at the agreed *strike price*. However, a price fall does not automatically mean a profit: the payoff must exceed what you paid for the option. [OCC’s Options Industry Council](https://prd-web.optionseducation.org/strategies/all-strategies/buying-index-puts)

For example, suppose you buy a six-month put with a strike of $100 for a $6 premium. At expiration, your results per underlying unit are:

| Underlying price | Put payoff | Profit or loss |
|---|---:|---:|
| $120 | $0 | −$6 |
| $100 | $0 | −$6 |
| $97 | $3 | −$3 |
| $94 | $6 | $0 |
| $80 | $20 | +$14 |

These are hypothetical prices, excluding fees. Multiply by the contract’s specified multiplier to calculate dollar amounts. Your maximum loss is $6 per unit, however high the underlying rises. That lets you size the purchase around the amount you can afford to lose.

**To profit from a substantial move in either direction**, you could buy both a put and a call with the same strike and expiration—a *long straddle*. If their combined premium is $10 and the strike is $100, you profit at expiration below $90 or above $110. Your maximum loss is $10 per unit, occurring at $100. The trade therefore depends on the size of the move, rather than its direction. [OCC: Long straddle](https://prd-web.optionseducation.org/strategies/all-strategies/long-straddle)

Your final edit also describes a more specifically bearish strategy: a **put backspread opened for a net credit**. You sell one higher-strike put and buy two lower-strike puts, all with the same expiration. [OCC’s strategy guide](https://www.optionseducation.org/getattachment/007fe864-029a-490d-8dc1-3b58bd558f64/options-strategies-quick-guide.pdf%3Flang%3Den-US)

For a hypothetical example:

- Sell one $100 put for $7.
- Buy two $90 puts for $3 each.
- Receive $1 per unit upfront.

Its expiration profit is:

\[
1-\max(100-S,0)+2\max(90-S,0),
\]

where \(S\) is the final underlying price.

| Final price | Profit or loss per unit |
|---|---:|
| $110 | +$1 |
| $100 | +$1 |
| $95 | −$4 |
| $90 | −$9 |
| $81 | $0 |
| $70 | +$11 |

Here you win if the price rises, and win more if it falls sufficiently far. **The catch is a moderate fall: your maximum loss is $9 per unit at $90.** Whether suitable contracts can actually be purchased for a credit depends on market prices.

These calculations assume the option positions are settled as intended. Physical delivery, automatic exercise or assignment can create underlying positions that need managing; gold ETF options and gold futures options also have different contract specifications.

So yes, your requested payoff is possible, with a calculable loss elsewhere. But a recent rise does not guarantee a fall within six months—and even a correctly predicted fall can be too small to make your options profitable.