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15-min delayed

Strategy · Live on SPY $652.40

Naked put

advancedhigh risk

Sell a put without holding the cash. High margin requirement, large loss if stock crashes.

Payoff workbench

Naked 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

in profitposition working

Profitable zone — P&L +$1,174 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

+$575

5.75/sh × 100 sh

Your P/L at $683

+$575

at the dragged expiry price

Break-even

$614.25

Max loss

−$14,925

Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.

Live chain

Pick your strike: SPY puts · 30 days out

Tap a strike to load it into the workbench

Strike	Delta	Premium	Credit / contract	Return	Annualized	Prob. OTM
	-0.46	$11.20	+$1,120	1.72%	21.0%	54%
	-0.32	$10.20	+$1,020	1.59%	19.4%	68%
	-0.20	$8.15	+$815	1.29%	15.7%	80%
	-0.12	$5.75	+$575	0.93%	11.3%	88%
	-0.07	$3.60	+$360	0.59%	7.2%	93%
	-0.04	$1.95	+$195	0.33%	4.0%	96%
	-0.02	$0.95	+$95	0.16%	2.0%	98%
	-0.01	$0.40	+$40	0.07%	0.8%	99%

Every strike, every expiry, with Greeks, in the free appSee the full SPY chain →

How it’s built

The legs: toggle them to see why each one matters

Short 1 put · $620 · 30d

Premium +$575

Result

Naked short put

HIGH RISK

No cash backing. Broker requires large margin. Risk = strike − premium if assigned.

Pairs well with

Covered callOpen →

Hold shares, sell a call against them, collect premium. Rent out your upside.

Cash-secured putOpen →

Set aside cash, sell a put at your target buy price, collect premium.

Wheel strategyOpen →

Cycle: sell puts until assigned, then sell calls until called away. Repeat.

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.