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15-min delayed
Strategy · Live on SPY $652.40
Bear put spread
intermediatemoderate riskBuy a higher-strike put, sell a lower-strike put. Defined debit, profits as stock falls.
Payoff workbench
Bear put spread on SPY at $652.40
Expiry
Contracts1
Drag anywhere on the chart to test a price at expiryP/L at expiry · 1 contract (100 sh)
▼ −$545
at a lossconsider adjusting
Loss zone — P&L −$1,109 at mid-range.
The position is losing money at this price. Evaluate whether to hold, adjust, or close to prevent further losses.
Cost to open
−$545
net across 2 option legs
Your P/L at $683
−$545
at the dragged expiry price
Break-even
$644.55
Max loss
−$545
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY puts · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Long 1 put · $650 · 30d
Cost −$1,120
Short 1 put · $620 · 30d
Premium +$575
Result
Bear put spread
Net debit $170. Max profit $330 if stock ≤ $95. Max loss $170 if stock ≥ $100.
Pairs well with
Unfamiliar term? The glossary defines it in a sentence, and the plain-English guides cover the ideas in longer form.
Educational only, not financial advice. Quotes delayed at least 15 minutes. Premiums, deltas and probabilities are modelled estimates, not live market quotes. Confirm at your broker. Denaras never places trades.