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15-min delayed
Strategy · Live on SPY $652.40
Put credit spread
intermediatemoderate/aggressive riskSell a higher-strike put, buy a lower-strike put — defined risk income.
Payoff workbench
Put credit spread 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)
▲ +$480
max profitboth OTMdeploy next cycle
Both puts expire worthless. Full credit kept.
This is what you were paid for. Defined credit in, defined risk out — and the trade worked.
Credit collected
+$480
net across 2 option legs
Your P/L at $674
+$480
at the dragged expiry price
Break-even
$615.2
Max loss
−$2,520
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
Long 1 put · $590 · 30d
Cost −$95
Result
Put credit spread
Net credit, defined max loss = spread width − credit.
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.