As I look at this trade, and what we know about equivalent option positions, I don't get how this is different then buying a long dated OTM put and selling a lower ratio of shorter dated OTM puts and then adjusting from there week to week or vice versa with calls?
Yes w/ the current strategy your shorts gain quite a bit early in the trade if the underlying price goes up, however your long puts also lose a near equivalent amount if you are in a ratio.