Bull put spread (credit)
intermediatebullishStrategy parameters
Greeks (current)
Delta
21.823
Gamma
-0.946
Theta
0.874
Vega
-2.333
Rho
1.952
Payoff diagram
P&L at expiryP&L today (theoretical)Current spot
Key metrics
Net cost
-$191.99
Credit (received)
Max profit
$191.99
Max loss
-$308.01
Breakevens
$98.08
Scenarios at expiry
| Move | Spot | P&L at expiry | % of cost |
|---|---|---|---|
| -20% | $80.00 | -$308.01 | -160.4% |
| -10% | $90.00 | -$308.01 | -160.4% |
| -5% | $95.00 | -$308.01 | -160.4% |
| +0% | $100.00 | $191.99 | 100.0% |
| +5% | $105.00 | $191.99 | 100.0% |
| +10% | $110.00 | $191.99 | 100.0% |
| +20% | $120.00 | $191.99 | 100.0% |
Mechanics & risks
How it works
Sell a put at a higher strike, buy a put at a lower strike (protection). You collect a net credit upfront. Profitable if the stock stays above the upper strike.
When to use
You expect the stock to stay flat or drift up.
Risks
- Maximum profit = net credit received.
- Maximum loss = (higher − lower strike) × 100 − credit.
- Margin tied up until expiry.