Micron Technology, Inc. (NASDAQ:MU) has had a massive rally. I correctly called the latest spike from early March and now MU stock is almost at my target already so quickly. I shared how to go long Micron stock for free. The trade was an easy win with yields over 10%.

Just a few week before that trade, I had shared another idea on how to unlock free profits from MU stock. That trade was also an easy win.

Now, with profits in pockets, I want to take the other side and share a bearish trade and make it free to enter. Before you send in the hate mail, I am not shorting the company prospects. I am betting against the price action from these levels. It is more like a proxy short to the market in general.

I am a conservative trader, so instead of shorting the stock outright, I will use the MU options markets. There I can buy puts with finite risk profiles. Otherwise, short selling opens me up to unlimited losses.

The Bet: Buy MU May $28/$27 debit put spread for 30 cents per contract. If MU stock falls through my strike I stand to triple my money. Even though I have profits from two recent winning trades in MU I would like to further mitigate my risk. I will reduce my out-of-pocket expense by selling downside risk against proven levels.

The Bank: Depending on risk tolerance I would either sell Sell Jan $17 put naked for 55 cents, or $17/$15 credit put spread for 25 cents per contract. Either of these trades have a 90% theoretical chance of success. The spread yields 12% on risk.

As long as MU stays above my sold put, any premium I recapture from selling the May debit put spread could be profit.

Learn options as easy as 1-2-3 here. Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. You can follow him on Twitter at @racernic and stocktwits at @racernic.