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Bearish strategy · Interactive payoff

Bear Put Ladder payoff calculator

Market outlook Moderately bearish

A bear put spread with an additional short put at a still-lower strike.

Interactive position

Build the legs

SideInstrumentQtyStrikePremium
Maximum profit—
Maximum loss—
Break-even—
Bear Put Ladder payoff at expirationPayoff changes across possible underlying prices based on the editable legs below.
Profit / loss at expirationPer complete position · 100 shares per option contract
Expiration scenarios
Price at expiryMoveProfit / loss

Position structure

Default legs

  1. Buy 1 110 put at 12 premium
  2. Sell 1 100 put at 6 premium
  3. Sell 1 90 put at 2 premium

Reading the result

Expiration payoff only

The graph recalculates from the visible legs. It is not a price forecast and does not model outcomes before expiration.

Model boundary

This calculator uses intrinsic value at expiration and entered premiums. It excludes implied volatility, Greeks, time decay before expiration, fees, tax, dividends, liquidity, margin, assignment and exercise behavior. Educational illustration only—not financial advice.