Bull Put Spread Calculator
A bull put spread (credit) sells a higher-strike put and hedges with a lower-strike put. Enter strikes and premiums to estimate expiry 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. Short puts still carry downside risk to the full spread loss.
Credit spreads vs debit spreads
This structure opens with net premium collected. If price stays above the higher strike at expiry you keep it — a mildly bullish/range idea.
Risk appears below the lower strike: max loss = width − net credit, capped.
How to use
- Enter the premium received on the short put and paid on the long put.
- Enter both strikes and your expected expiry price.
- Click Calculate to see expiry PnL, limits and break-even.
Formula
- Net Credit = Received − Paid
- Max Profit = Net Credit; Max Loss = Width − Net Credit
- Break-even = Higher Strike − Net Credit
Example
Sell 110 put for 3, buy 100 put for 1 → credit 2. Expiry 120 → PnL 2; below 100 the loss caps at 8.
Break-even = 108.
FAQ
What view suits it?
Mildly bullish or range-bound with time decay on your side; downside is bounded.
Per contract?
Yes, premiums and PnL are per contract and exclude fees.