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15-min delayed
Strategy · Live on SPY $652.40
Bull put spread
intermediatemoderate riskSell a higher-strike put, buy a lower-strike put. Net credit; profits if stock stays above short strike.
Payoff workbench
Bull 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)
▲ +$480
in profitposition working
Profitable zone — P&L +$717.64 at mid-range.
The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.
Credit collected
+$480
net across 2 option legs
Your P/L at $674
+$480
at the dragged expiry price
Break-even
$615.2
Max loss
−$2,520
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
Short 1 put · $620 · 30d
Premium +$575
Long 1 put · $590 · 30d
Cost −$95
Result
Bull put spread
Net credit $110. Max profit $110 if stock ≥ $95. Max loss $390 if stock ≤ $90.
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.