What is a Bull Put Spread?
A Bull Put Spread collects credit upfront by selling a Put and simultaneously buying a lower-strike Put as protection. You profit if the stock stays above your sold strike — you don't even need it to rise. Both profit and loss are completely capped from day one.
Nifty at ₹22,000. You're neutral-to-bullish. You sell the 21,500 Put for ₹90 and buy the 21,200 Put for ₹40. Net credit: ₹50 × 75 = ₹3,750 into your account today. If Nifty stays above 21,500, you keep the full ₹3,750 — without the stock even needing to rise.
At a Glance
Max Profit
Net Credit Received
Max Loss
(Width − Net Credit) × Lot
Breakeven
Higher Strike − Net Credit
Type
Credit Spread · Defined
| Action | Type | Strike | Expiry | Qty |
|---|
| Buy | Put (PE) | Higher Strike — OTM below current | Same expiry (21–35 DTE) | 1 Lot |
| Sell | Put (PE) | Lower Strike — further OTM (wing) | Same expiry | 1 Lot |
P&L Simulator
Bull Put Spread
📊 Bull Put Spread — Payoff Chart + P&L Calculator
Index Price: 22000 · Sell Put Strike: 21500 · Buy Put Strike: 21200 · Sold Premium: 90 · Bought Premium: 40 · Lot Size: 75 · Price at Exit: 22000
When Should You Use This Strategy?
✓ When to Use / ✕ When to Avoid / ◉ IV / ◷ DTE
3 use items · 3 avoid items
⊞ Trade Table
0 legs · 3 scenarios
#Vertical Spreads
Disclaimer
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