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15-min delayed
Strategy · Live on SPY $652.40
Naked put
advancedhigh riskSell 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
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 RISKNo cash backing. Broker requires large margin. Risk = strike − premium if assigned.
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.