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15-min delayed
Strategy · Live on SPY $652.40
Protective put
beginnerconservative riskOwn stock and buy a put as downside insurance. Limits losses below the strike.
Payoff workbench
Protective 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)
▲ +$2,447
in profitposition working
Profitable zone — P&L +$7,666 at mid-range.
The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.
Cost to open
−$575
5.75/sh × 100 sh
Your P/L at $683
+$2,447
at the dragged expiry price
Break-even
$658.15
Max loss
−$3,815
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 100 shares
Full equity exposure
Long 1 put · $620 · 30d
Cost −$575
Result
Protective put
Put acts as floor insurance. Max loss = (entry − strike + premium) × 100 = $550.
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.