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MULTI-LEG OPTIONS STRATEGY

Bear Put Spread Calculator

Choose live Schwab-backed contracts or enter values manually.

Option legs

Shared live selection with manual fallback.

Long leg · long 1×
Short leg · short 1×

Payoff summary

Defined-risk expiration values.

Net debit
$400.00
Maximum profit
$600.00
Maximum loss
$400.00
Break-even
$96.00
Risk / reward
$1.50

OPTIONS TRADE

MANUAL long put 100 6 / short put 110 2
Expiration
StrategyBEAR PUT SPREAD
Contracts1 CONTRACT
Net debit400
MAX PROFIT600
MAX LOSS400

Methodology and risk

Debit spreads pay a net debit; credit spreads receive a net credit. Strike order must form a defined-risk vertical spread. Values exclude commissions, assignment, and early-exercise risk.

How this calculator works

A bear put spread buys a higher-strike put and sells a lower-strike put with the same expiration.

Formula or payoff

Maximum profit is strike width minus net debit; maximum loss is net debit; break-even is long put strike minus debit.

Practical example

A 110/100 put spread bought for $4 has a $6 maximum payoff per share at or below $100.

Risk and limitations

Profit is capped below the short strike and the entire debit can be lost if the underlying stays above the long strike.