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15-min delayed
Strategy · Live on SPY $652.40
Long put
beginneraggressive riskBuy a put. Defined risk, large profit if the stock falls below your strike.
Payoff workbench
Long 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)
▼ −$575
at a lossconsider adjusting
Loss zone — P&L −$1,957 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
−$575
5.75/sh × 100 sh
Your P/L at $683
−$575
at the dragged expiry price
Break-even
$614.25
Max loss
−$575
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 · $620 · 30d
Cost −$575
Result
Long put
Defined risk ($300 premium). Profits grow as stock falls below $92 breakeven.
Pairs well with
Short stockOpen →
Borrow and sell shares you don't own. Profit if stock falls — unlimited loss if it rises.Naked callOpen →
Sell a call without owning the shares. Theoretically unlimited loss if the stock rips.Covered putOpen →
Short shares and sell a put below market. Bullish exit floor — bearish overall.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.