Sell a put spread for a credit, and define the worst case at the long strike instead of at zero.
DEBIT (at start)—
Current Gain/Loss—
Legs
Max profit—
Max loss—
Breakeven(s)—
P&L @ spot—
P&L at the selected date, priced with Black–Scholes. At 0 DTE the curve is pure intrinsic value. A tool, not a recommendation.
—
—
Open—
High—
Low—
Prev close—
52W high—
52W low—
Volume—
Market cap—
P/E—
EPS—
Div yield—
Ex-div—
Pay date—
Last earnings—
What a Bull Put Spread is
Structure: Short 1 higher-strike put + long 1 lower-strike put, same expiry. Taken for a net credit.
A bull put spread is a credit spread: you sell a put and buy a cheaper put further below it. The short put collects the premium; the long put is the insurance that converts an open-ended short-put loss into a fixed one.
What you give up for that definition is money. The long leg costs part of the credit, which is why the max gain is smaller than a naked put and the max loss is knowable to the cent. The tool draws both sides and the two strike lines in between.
The numbers
Max profit
net credit received
Max loss
strike width − net credit
Breakeven
short put strike − net credit
These are at-expiration formulas. The chart above prices the structure at the selected date with Black–Scholes — at 0 DTE the curve is pure intrinsic value. A tool, not a recommendation.
When traders use it
You are mildly bullish or neutral and want to be paid for it.
You want a defined worst case — the reason to buy the wing instead of selling the put outright.
You have a specific level in mind that you expect the stock to hold.
What works against it
The max loss is real and arrives fast: the whole width minus the credit is at risk if the stock closes below the long strike.
The long wing sits at a lower strike than the short one — if you flip the legs you have a bear call spread, not this trade.
Small credits on wide spreads mean a poor risk-to-reward ratio; the curve makes that obvious before you commit.
Bull Put Spread questions
What is the max loss on a bull put spread?
The distance between the two strikes minus the net credit, times 100 per spread. Sell the $50 put and buy the $45 put for $1.20 net credit and the worst case is $3.80 — $380 per spread.
Where is the breakeven?
Short put strike minus the net credit: $50 − $1.20 = $48.80. Above that, at expiration, the spread keeps the credit.
Why buy the lower put at all?
To cap the loss. Without it the position is a naked short put whose loss grows all the way to zero. The long put turns an unknown loss into the width minus your credit.
Can the spread be closed before expiry?
Yes, and both legs should be closed together — legging out of a spread can leave you with the naked exposure you paid to avoid. The tool prices the position at the selected date so you can see the value before expiration.
If it goes against you: common mitigations
Every entry below is a response traders commonly plan before entry, with what it actually costs. Which one is right depends on why you entered and what you now expect — that is a judgement the calculator cannot make for you, and none of this is advice.
Roll the spread down and out
Close both legs and reopen the same-width spread at lower strikes in a later expiry.
Pros: Re-centres the trade below the market and can take in additional credit.
Cons: The original loss is locked in, and you are exposed for longer with lower strikes that still lose the width if broken.
Consider when: You still expect the stock to hold a level, just a lower one.
Close the short put, keep the long put
Buy back the short leg and hold the lower-strike long put on its own.
Pros: Flips the position into a bearish bet with the long put that is already paid for.
Cons: You lose the insured structure — the remaining long put can expire worthless, and the position is now directional.
Consider when: You no longer expect the level to hold and now expect further downside.
Add a call spread for the same expiry
Sell a call spread above the market to convert the trade into an iron condor.
Pros: Brings in credit against a losing position and pays you if the stock settles.
Cons: Adds a second losing side if the stock reverses back up, and you are still short the same put spread.
Consider when: The drop looks finished and you expect sideways movement rather than a bounce to your old strike.
Accept the defined loss
Hold to expiration and let the spread expire at its maximum loss.
Pros: No repair costs, and the number was known before entry.
Cons: You forgo any recovery the stock might still produce, and the full width goes with it.
Consider when: The stock is well through the long strike, there is nothing left to salvage, and no other response is cheaper.