SPYEQUITY
—NO QUOTE
Equities
Futures
% r
% q

Bull Put Spread Calculator

How this strategy works →
AssistantPRO
Type a trade in plain English. A fine-tuned model returns the symbol, structure, expiry and size — never a strike or a price.
RECORDED EXAMPLE1/3
“bull call spread on NVDA, 30 days, 2 contracts”
NVDAEQUITYBull Call Spread30d2×
Not a live answer. Captured from api.optionsandfuturescalculator.com on 2026-08-11 and replayed here — the assistant did not run just now. Type your own above and press Parse for a real one.
Trained on ES and NQ futures only — commodity roots are refused, not guessed.A bare futures directive (“Long NQ, 45 days”) often returns no parameters.Exercise style and averaging come from a keyword scan of your words.
Strategy47
Single-leg calls and puts are free
Spreads, straddles, condors, butterflies and futures spreads need Pro. 7 days free, then $9.99/month or $99/year.
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Ticket
Averaging
Debit · 1 × 100—
Position · 0 legs
No legsSelect strikes from the option chain to build a position.
Exercise & Averaging
Exercise
Dividend yield is not modelled on this tree (drift is r − σ²/2). The strategy panel prices with a dividend yield; this panel does not.
Averaging
No resultPick a strike with a live quote to price the tree.
Saved
Nothing saved yetBuild a position, name it, and it will be here next time.
Probability Distribution
No distribution yetThe curve needs a live spot, an implied volatility off the option chain, and a real expiry. Add priced legs to draw it.
P&L matrixprice × date
price–
No grid yetAdd priced legs to compute P&L across price and date.
P&L surfaceprice × date × profit
Surface offTurn on 3D to see the position as a height field.
Option Chain
Outcome
No resultRun a calculation to see outcome, probability and Greeks.

Sell a put, buy a cheaper one below it, and take the difference as a credit on day one. Nothing more will ever be earned: the entire trade is keeping that credit by having the underlying finish above the short strike. The long put is insurance on your own short, turning an obligation with no natural limit into a fixed number you can size a position against. Being an income structure, the arithmetic looks deliberately unattractive — many small wins against occasional large losses — and the discipline lives entirely in size. Price both strikes here and read the maximum loss before the credit, not after it.

The full Bull Put Spread guide, worked example and FAQs →

The short leg is the one whose bid/ask to check first, since it is usually the less liquid of the two strikes and the one a fill price actually depends on. Brokers margin this as the width minus the credit, held as buying power rather than posted in cash, so the return quoted on the credit alone overstates the return on capital actually tied up. Closing early — buying back both legs before expiry — avoids the week where gamma risk is highest, at the cost of some of the remaining credit.

Sizing and account notes

Size this by the maximum loss (width minus credit), never by the credit alone — a $280 credit against a $720 maximum loss is a very different commitment of capital than the $280 figure suggests on its own. Most platforms require the full maximum loss as buying power even in a margin account, since the position's risk is genuinely capped rather than merely usually small. A common practice is capping any single credit spread at a small fraction of account equity, precisely because the loss-to-credit ratio here is structurally lopsided.

Common mistake. The common mistake is chasing a larger credit by narrowing the strike gap, which raises the probability of a total loss on the position by more than the extra credit compensates for.

At a glance

Legs
2
Market view
Bullish to neutral — income
Opened for
Credit
What bounds the profit
Capped: the net credit received
What bounds the loss
Capped: spread width minus the credit

The order ticket, from the worked example

#ActionInstrumentStrike
1SellPut570
2BuyPut560

Payoff at expiry, across a price grid

Computed from the same strikes and net premium as the worked example above — not a simulation, the closed-form payoff evaluated at each price.

SPY at expiryP&L
545-$720.00
555-$720.00
565-$220.00
575$280.00
585$280.00
595$280.00

How this compares with related strategies

StrategyMarket viewOpened forLegs vs. this one
Bull Call SpreadBullish — moderate, defined rangeDebitsame
Bear Call SpreadBearish to neutral — incomeCreditsame
Iron CondorNeutral — range-boundCredit+2
Cash-Secured PutNeutral to bullish — income or acquisitionCredit-1