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Bullish strategy · Interactive payoff

Bull Put Spread payoff calculator

Market outlook Moderately bullish

A short higher-strike put paired with a protective lower-strike put.

Interactive position

Build the legs

SideInstrumentQtyStrikePremium
Maximum profit—
Maximum loss—
Break-even—
Bull Put Spread 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. Sell 1 105 put at 8 premium
  2. Buy 1 95 put at 3 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.