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Equities
Futures
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Bear 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.

Buy a put, sell a lower-strike put beneath it, same expiry. The short leg refunds part of the premium and in exchange the payoff goes flat below its strike, so this is a bounded bearish position rather than an open-ended one. It fits a decline expected to a level rather than to zero, and it stops you paying full premium for a tail nobody in the trade actually believes in. Both legs decay, which softens the usual bleed on a long option without removing it. Price the pair here and check where the breakeven falls relative to the support level you had in mind when you opened the chain.

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

Priced and margined as a single vertical, same as the call version, which matters because legging in manually exposes you to the underlying moving between the two fills. The short leg's strike is the real lever: pushing it lower raises the credit received against the long put and narrows the width, a cost decision as much as a directional one. Because downside strikes carry more implied volatility than equivalent upside ones, the short leg here typically funds more of the long put than a same-width call spread funds its long call.

Sizing and account notes

Because the short leg funds part of the long one, this is usually approved at the same account tier as the bull call spread rather than at the tier a naked short put needs — the defined risk is what qualifies it. Tax treatment follows the usual short-term/long-term line at one year regardless of the spread's own life, and the two legs are treated as separate lots for that purpose even though they were opened and will likely close together. A partial fill — one leg executing before the other — briefly leaves a naked position; many platforms reject partial fills on a combined order for exactly this reason.

Common mistake. The common mistake is setting the short strike too close to the long one to save on debit, which shrinks the maximum profit far more than it shrinks the risk of the trade being wrong.

At a glance

Legs
2
Market view
Bearish — moderate, defined range
Opened for
Debit
What bounds the profit
Capped: spread width minus the debit
What bounds the loss
Limited to the net debit paid

The order ticket, from the worked example

#ActionInstrumentStrike
1BuyPut230
2SellPut215

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.

AAPL at expiryP&L
200$990.00
210$990.00
220$490.00
230-$510.00
240-$510.00
250-$510.00

How this compares with related strategies

StrategyMarket viewOpened forLegs vs. this one
Long PutBearish — directional, or a hedgeDebit-1
Bear Call SpreadBearish to neutral — incomeCreditsame
CollarNeutral — hedged, boundedDebit or credit+1
Long StrangleVolatility — direction-agnosticDebitsame