We consider the elliptic equation in the whole , where is of bistable type. It is known that there exists a saddle-shaped solution in . This is a solution which changes sign in and vanishes only on the Simons cone ${\mathcal C}={(x^1,x^2)\in\R^m\times\R^m: |x^1|=|x^2|}$. It is also known that these solutions are unstable in dimensions 2 and 4. In this article we establish that when every saddle-shaped solution is unstable outside of every compact set and, as a consequence has infinite Morse index. For this we establish the asymptotic behavior of saddle-shaped solutions at infinity. Moreover we prove the existence of a minimal and a maximal saddle-shaped solutions and derive monotonicity properties for the maximal solution. These results are relevant in connection with a conjecture of De Giorgi on 1D symmetry of certain solutions. Saddle-shaped solutions are the simplest candidates, besides 1D solutions, to be global minimizers in high dimensions, a property not yet established.

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