Put Spread Calculator

Buy a higher-strike put and sell a lower-strike put (same expiry). You pay a net debit; profits if the stock falls enough before expiry.

Sell a higher-strike put and buy a lower-strike put. You collect a net credit; max profit is often the credit if the stock stays above the short strike.

Vertical put spreads have defined max loss (typically net debit for bear put, or width minus credit for bull put) before fees.

Bear put: often long strike minus net debit per share. Bull put: often short strike minus net credit per share—confirm with your strikes in the calculator.

Same vertical idea: puts for bearish/bull-put credit structures; calls for bull call / bear call structures. Choose based on skew, liquidity, and view.

Short puts can be assigned if ITM; plan before expiry especially around dividends on the underlying.