I'm buying the September 45 put for around $650. I'm selling the June 40 put for around $195.
Ideally, the Jun 40 expires worthless, so I can sell another put in July and collect additional credit.
In an ideal world I'd roll (buy back June and sell July) 10 - 20 days prior to June expiration when the stock is trading at my short strike ($40). My probability of making some money on the trade is 66%. with NO risk to the downside. My maximum return on risk is 30% if I close the trade for max gain in June. However, my plan is to roll the short option to July and earn additional credit. The stock must cooperate by trading in a neutral to bearish range. If GRUB plummets, I'll collect some cash and close the trade. Here's the risk profile for GRUB in the money put diagonal.