What is the max profit of a long put?

Unlimited: the profit keeps growing the further the price moves its way. The calculator gives the figure for your strikes and expiration.

What is the max loss of a long put?

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 long put's profit and loss?

Open the long put 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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Long put calculator

Bearish. Buy a put so profit rises as the stock falls below the strike.

Open in the calculator All strategies

OutlookBearish

Max profitUnlimited

Max lossLimited

LevelNovice

What is a long put?

A long put is a bearish debit. Max loss is the premium paid. Below the strike the put gains as the stock drops, down to a worthless underlying.

Legs

Buy a put at strike A

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

Live example on SPY

Net debit$1,618.00

Max loss$1,618.00

Max profit$43,660.60

Chance of profitLocked: ProUpgrade

BreakevenBelow $738.82 (−2.2%)At expiration

755P+112/18 · $16.18

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 755 put. Net debit $1,618. Max profit $43,660.60; max loss $1,618. Breakeven at expiration: Below $738.82 (−2.2%).

Open this long put 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 long put?: A long put is a bearish debit. Max loss is the premium paid. Below the strike the put gains as the stock drops, down to a worthless underlying.
When does a long put make money?: Bearish. Buy a put so profit rises as the stock falls below the strike.
What is the max profit of a long put?: Unlimited: the profit keeps growing the further the price moves its way. The calculator gives the figure for your strikes and expiration.
What is the max loss of a long put?: 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 long put's profit and loss?: Open the long put 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.