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Bear Put Debit Spread Screener

A bear put debit spread buys a higher-strike put and sells a lower-strike put in the same expiration. You pay a debit and profit if the stock falls, with profit capped at the lower strike.

It is a defined-risk bearish structure: the debit is the most you can lose at expiration.

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Product preview

The chart below is the same payoff component used inside the platform, run on the hypothetical example described later on this page.

EXAMPLE

Bear put debit spread

Illustrative example
Underlying
$100.00
Entry debit before fees
$220
Breakeven
$97.79
Max profit
$278.7
Max loss
-$221.3
Expires
2026-10-16
Legs: Buy $100 put · sell $95 put. Hypothetical inputs, not a live quote or signal.

Bear put debit spread

Buy a put and sell a lower put: pay a debit, with gain and loss both limited.

Illustrative example
  • Buy
    $100 put
  • Sell
    $95 put

Profit zoneLoss zoneStock priceBreakeven

Example stock
$100.00
Entry debit before fees
$220
Breakeven
$97.79
Max profit
$278.7
Max loss
-$221.3
Evaluated at
Expiration

Includes $0.65 entry commission per option contract. Exit, exercise/assignment fees and taxes are excluded.

Payoff scenario

Illustrative example, read-only. Hypothetical inputs run through TradingSignalAI's payoff model.

Illustrative example
Hypothetical underlying
$100.00
Entry debit before fees
$220 ($2.20/share)
Position · standard 100-share contracts
Buy $100 put · sell $95 put

Expiration payoff

1 structure · 100 shares per option leg · expires 2026-10-16

Expiration payoffExpiration payoff. 1 structure · 100 shares per option leg. Expires 2026-10-16. Underlying shown from $83.00 to $112.00; reference price $100.00. Break-evens: $97.79. Strikes: $95.00, $100.00. Maximum profit $278.7; maximum loss $221.3.-$271.3-$121.3$28.7$178.7$328.7$83.00$90.25$97.50$105$112Stock price at expiration ($)Profit / loss ($)ProfitLoss$0 P/LRef $100.00

Hover, touch, or focus the chart and use arrow keys to read P/L at a price.

  • Shaded above $0: profit
  • Shaded below $0: loss
  • Solid line: P/L at expiration
  • Dashed line: reference price
  • Circle: break-even
  • Dotted line: strike (values below)
Break-even
$97.79
Strikes
$95.00, $100.00
Payoff profit cap
$278.7
Max loss
$221.3

The chart shows underlying prices from $83.00 to $112.00 only. Losses or gains outside this window can be larger; the window's lowest and highest points are not maximum risk.

Includes $0.65 entry commission per option contract. Exit, exercise/assignment fees and taxes are excluded.

Move the pointer or focus the chart and use the left and right arrow keys to read profit or loss at each stock price. These are not live quotes or signals.

Metrics in pictures

Implied volatility: the range the market prices in

Example: $100 stock, 30 days to expiration. One-standard-deviation move = stock x IV x sqrt(days / 365).

Illustrative example
  • Lower IV 20%+/- $5.73

    Smaller expected range, lower premium for the same strike and expiration.

  • Typical IV 30%+/- $8.6

    A middle reading for this example.

  • Higher IV 50%+/- $14.33

    Wider expected range and larger premium, with more risk of a large move.

Bars span the one-standard-deviation range around the stock price. Not a forecast. IV rank in the product uses a realized-volatility proxy, not a historical implied-volatility rank.

Delta: directional exposure

Select a delta to see what it means for one call contract.

Illustrative example

Out of the money, delta 0.30

Moderate sensitivity. Sold options here collect more premium than at 0.15 and are more likely to finish in the money.

One standard contract has about 30 shares of price exposure: roughly $30.00 per small $1 stock move, or $0.30 per quoted share, with other inputs held constant.

Delta is a model sensitivity, not a probability forecast. Values shown are examples, not quotes.

How the bear put debit spreads tool works

  1. The finder pairs puts at two strikes in the same expiration.
  2. Pairs are filtered for liquidity and compared on debit, breakeven, width and return on risk.
  3. The payoff chart marks both strikes and the breakeven.
  4. Review both legs' bid-ask spreads, since two-sided slippage affects a small debit.

Metrics you will see

MetricMeaning
Net debitLong put ask minus short put bid.
Maximum lossNet debit times 100.
Maximum profit(Width - debit) x 100.
BreakevenLong strike minus debit.
Return on riskMaximum profit over debit.

Worked example

Hypothetical example for a stock trading at $100. Not a quote, a recommendation or a result. Buy the $100 put and sell the $95 put for a $2.20 debit.

ItemCalculation
Maximum loss$2.20 x 100 = $220 at or above $100
Maximum profit($5.00 - $2.20) x 100 = $280 at or below $95
Breakeven$100 - $2.20 = $97.80
Return on risk$280 / $220 = 127%

The stock has to fall at least 2.2% by expiration to break even. Declines beyond $95 add nothing.

Risks to understand

  • The full debit is lost if the stock finishes at or above the long strike.
  • Profit is capped, so a crash beyond the lower strike does not increase gains.
  • Time decay and falling volatility can reduce spread value before expiration.
  • Short put assignment can occur early and create a stock position.

Access

Strategy tools are part of Premium. A Free account can record holdings and cash and browse universe research. Registration alone is not a Premium subscription.

Eligible new customers can begin a 7-day Premium trial. A payment method is required, and the selected plan bills automatically at the end of the trial unless canceled. Registration alone is not a Premium subscription.

Frequently asked questions

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