What is the max profit of a bull put spread?

Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.

What is the max loss of a bull put spread?

Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.

How do I calculate a bull put spread's profit and loss?

Open the bull put spread in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.

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Bull put spread calculator

Bullish credit. Sell a put and buy a lower put to cap assignment risk.

Open in the calculator All strategies

OutlookBullish

Max profitLimited

Max lossLimited

LevelIntermediate

What is a bull put spread?

A bull put spread wants the stock to stay above the short put. Max profit is the net credit. Max loss is the width minus that credit if the stock finishes below the long put.

Legs

Sell a put at strike A
Buy a put at strike B

Payoff at expiration, sketched. The live example below has the real prices.

Live example on SPY

Net credit$24.00

Max loss$176.00

Max profit$24.00

Chance of profitLocked: ProUpgrade

BreakevenAbove $710.76 (−5.9%)At expiration

711P−112/18 · $6.64
709P+112/18 · $6.40

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 711 put and buy 1 709 put. Net credit $24. Max profit $24; max loss $176. Breakeven at expiration: Above $710.76 (−5.9%).

Open this bull put spread in the calculator to move the strikes, change the date and implied volatility, and read profit and loss by price and date.

Questions

What is a bull put spread?: A bull put spread wants the stock to stay above the short put. Max profit is the net credit. Max loss is the width minus that credit if the stock finishes below the long put.
When does a bull put spread make money?: Bullish credit. Sell a put and buy a lower put to cap assignment risk.
What is the max profit of a bull put spread?: Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.
What is the max loss of a bull put spread?: Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.
How do I calculate a bull put spread's profit and loss?: Open the bull put spread in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.