Also known as: Put Debit Spread · Vertical Put Spread · Long Put Spread
Buy higher-strike put + sell lower-strike put. Defined risk; bear put debit spread.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Buy a put and sell a lower-strike put, same expiration. The short put reduces the cost; profit caps at the spread width minus the debit.
When you expect a decline to around a level. Cheaper than a naked long put and less bleed from time decay.
Maximum loss is the net debit paid. If the stock stays flat or rises, the spread decays to zero.
Similar: Both defined-risk bearish debits.
Different: The spread trades away deep-crash profit for a smaller cost and less decay.
Similar: Both are defined-risk bearish spreads.
Different: The put spread PAYS a debit and needs the drop to happen; the call spread COLLECTS a credit and wins if the stock merely fails to rally.
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Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.