In a PDS, you are mitigating the cost of the Long Put with the credit from the short Put, these do not have to be OTM given the lower WR requirement – as your risk is defined by the debit – if the same stock at $90 – you bought the $90 Long Put for $5 and sold the $95 Put for $3 , your risk is $2 – you want your debit to be less than 50% of the spread, so in this case the spread is $5, you want the debit to be $2.50 or less.  Much like the Call Debit Spread these are plays done with the current weeks expiration.  You’re looking for around 20-25% on a Mon-Tues, 25%-40% on Wed/Thurs, and 50%+ on a Friday.
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