What is the max profit of a diagonal 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 diagonal 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 diagonal put spread's profit and loss?

Open the diagonal 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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Diagonal put spread calculator

Bearish calendar. Sell a near put and buy a further-dated put at a different strike.

Open in the calculator All strategies

OutlookBearish

Max profitLimited

Max lossLimited

LevelIntermediate

What is a diagonal put spread?

A diagonal put leans the calendar lower. Front-month decay still funds the back put, with a bearish tilt from the strike difference.

Legs

Sell a near put at A
Buy a later put at a lower strike

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

Live example on SPY

Net debit$102.50

Max loss$408.09

Max profit$704.37

Chance of profitLocked: ProUpgrade

BreakevensBetween $738.16 − $784.44At expiration

755P−112/18 · $16.18
753P+112/31 · $17.20

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 755 put and buy 1 753 put expiring Dec 31. Net debit $102.50. Max profit $704.37; max loss $408.09. Breakevens at expiration: Between $738.16 − $784.44.

Open this diagonal 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 diagonal put spread?: A diagonal put leans the calendar lower. Front-month decay still funds the back put, with a bearish tilt from the strike difference.
When does a diagonal put spread make money?: Bearish calendar. Sell a near put and buy a further-dated put at a different strike.
What is the max profit of a diagonal 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 diagonal 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 diagonal put spread's profit and loss?: Open the diagonal 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.