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Bull put spread calculator

A bull put spread, also called a put credit spread, sells a put and buys a put with a lower strike on the same stock and expiration. Each option is a leg. The net credit is what you collect when you open it.

Your trade

$

The strike of the put you sell.

$

The strike of the put you buy. It is lower than the short put.

$

Dollars per share you collect after paying for the long leg or legs.

Leave blank to skip probability of profit. Enter the size without a sign, for example 0.30.

Whole number. One contract covers 100 shares.

Premium is per share. A quote of 2.00 pays $200 for one contract. Starting numbers are examples. Replace them with your own.

Results for one contract (100 shares)

Max profit--

The net credit times 100 shares per contract.

Max loss--

The distance between the strikes minus the net credit, times 100 shares per contract.

Breakeven--

Short put strike minus the net credit.

Probability of profit--

1 minus the short put delta you enter. An approximation, not a forecast. It shows only when a delta is entered.

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How the numbers are calculated

Max profit is the net credit times 100 shares per contract. Max loss is the distance between the two strikes minus the net credit, times 100. The breakeven is the short strike minus the net credit.

Probability of profit is 1 minus the short put delta. The page shows it only when you enter a delta.

Bull put spread example

Short put at $95.00, long put at $90.00 and a net credit of $1.50 per share. The strikes are $5.00 apart.

Max profit is $150.00. Max loss is $350.00. The breakeven is $93.50. With a short put delta of 0.30, probability of profit is 70.00%.

Questions about this calculator

Is a bull put spread the same as a put credit spread?

Yes. Same trade. The second name refers to the credit received.

What is delta?

One of the Greeks. It estimates how much an option's price changes when the stock moves one dollar. It is also read as a rough guide to the chance the option finishes in the money.

How does this page get probability of profit?

It uses 1 minus the short put delta you enter. This is an approximation, not a forecast.

What is a leg?

One option within a multi-option trade. This spread has a short put leg and a long put leg.

This page is for educational purposes only and is not financial or tax advice.

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