📐 Spread Type
📈 Underlying
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🎯 Strike Prices
Bull Put Spread: Sell a higher put (short put) + Buy a lower put (long put). Collect a net credit. Profitable if stock stays above short strike at expiry.
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💰 Premium & Trade Details
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💡 Quick Examples
SPY Bull Put Spread — Conservative
Short 495P / Long 490P • $1.50 credit • 30 DTE • ~30 delta short
QQQ Bear Call Spread — Neutral
Short 480C / Long 485C • $1.20 credit • 21 DTE • ~25 delta short
SPY Bull Put Spread — Wide
Short 490P / Long 480P • $2.80 credit • $10 wide • 45 DTE
🎯 Results
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Fill in strikes and net credit received.
Results update instantly as you type.
Results update instantly as you type.
📚 Credit Spread Rules
Min ROI: Aim for ≥25% ROI on capital at risk. Below 20% = not worth the assignment risk.
Width vs credit: Net credit should be ≥33% of spread width. ($5 wide → aim for $1.65+ credit)
DTE sweet spot: 21–45 DTE captures theta decay without too much gamma risk near expiry.
Delta guideline: Short strike near 25–30 delta = good balance of premium vs probability.
Management: Consider closing at 50% of max profit to reduce risk. Never let go to expiry with short ITM.