Bear Put Spread Calculator
A bear put spread buys a higher-strike put and sells a lower-strike put. Enter strikes, premiums and an expiry price to estimate PnL.
Results
Fill in the inputs and click Calculate.
- Expiry PnL
- –
- Max Loss
- –
- Max Profit
- –
- Break-Even
- –
Risk disclaimer
This calculator shows theoretical single-settlement PnL (USDT/contract) excluding fees. Before expiry, spreads can deviate due to IV and time.
How does a bear put spread work?
It mirrors the bull spread: the higher-strike put is the main bearish leg, subsidized by selling the lower-strike put to cap the loss.
Below the lower strike the payoff caps at max profit; above the higher strike the loss equals the net debit.
How to use
- Enter the premium paid on the long put and received on the short put.
- Enter both strikes and your expected expiry price.
- Click Calculate to see expiry PnL, limits and break-even.
Formula
- Net Debit = Paid − Received
- Max Profit = Width − Net Debit
- Max Loss = Net Debit; Break-even = Higher Strike − Net Debit
Example
Buy 110 put for 4, sell 100 put for 1 → net 3. Expiry 80 → PnL 7; expiry 120 → −3.
Max profit 7, max loss 3, break-even 107.
FAQ
Vs buying a naked put?
The spread is cheaper with a capped loss, at the cost of capping downside gains.
Per contract?
Yes, premiums and PnL are per contract and exclude fees.