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15-min delayed
Strategy · Live on SPY $652.40
Covered put
advancedhigh riskShort shares and sell a put below market. Bullish exit floor — bearish overall.
Payoff workbench
Covered put 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)
▼ −$2,053
at a lossconsider adjusting
Loss zone — P&L −$7,666 at mid-range.
The position is losing money at this price. Evaluate whether to hold, adjust, or close to prevent further losses.
Credit collected
+$95
0.95/sh × 100 sh
Your P/L at $674
−$2,053
at the dragged expiry price
Break-even
$653.35
Max loss
Unlimited
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 100 shares
Short at $652.4
Short 1 put · $590 · 30d
Premium +$95
Result
Covered put
The put obliges you to buy at $90, covering the short position. Profit limited if stock falls far.
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.