Bear put spread
intermediatebearishStrategy parameters
Greeks (current)
Delta
-43.734
Gamma
0.456
Theta
0.038
Vega
1.125
Rho
-4.003
Payoff diagram
P&L at expiryP&L today (theoretical)Current spot
Key metrics
Net cost
$496.41
Debit (paid)
Max profit
$503.59
Max loss
-$496.41
Breakevens
$100.04
Scenarios at expiry
| Move | Spot | P&L at expiry | % of cost |
|---|---|---|---|
| -20% | $80.00 | $503.59 | 101.4% |
| -10% | $90.00 | $503.59 | 101.4% |
| -5% | $95.00 | $503.59 | 101.4% |
| +0% | $100.00 | $3.59 | 0.7% |
| +5% | $105.00 | -$496.41 | -100.0% |
| +10% | $110.00 | -$496.41 | -100.0% |
| +20% | $120.00 | -$496.41 | -100.0% |
Mechanics & risks
How it works
Buy a put at a higher strike, sell a put at a lower strike. Cheaper than a long put alone, with capped downside profit.
When to use
You expect a moderate decline.
Risks
- Maximum loss = net debit paid.
- Maximum profit = (higher − lower strike) × 100 − net debit.