Is a bear put spread the same as a bull put spread?

No. A bear put spread is a debit spread — you pay to enter and profit when the stock falls. A bull put spread is a credit spread — you collect premium upfront and profit when the stock stays above the short put.

When should I use a bear put spread vs buying a put?

The spread is better for moderate declines. The naked put is better for large declines, since the spread caps profit at the lower strike.

Bear Put Spread Calculator — Options Profit Calculator

How a Bear Put Spread Works

A bear put spread uses two put options on the same stock with the same expiration date. You buy a higher-strike put and sell a lower-strike put. The premium from selling the lower put reduces your cost.

The result is a defined-risk, defined-reward position that profits when the stock declines.

Example: A stock is at $100. You buy the $100 put for $4.00 and sell the $90 put for $1.50. Your net cost is $2.50 per share, or $250 total. If the stock drops below $90, your profit is $7.50 per share, or $750. If the stock stays above $100, you lose $250.

Bear Put Spread payoff at expiration

Maximum Profit, Maximum Loss, and Breakeven

Maximum profit: (Upper strike − lower strike − net debit) × 100. In the example: ($100 − $90 − $2.50) × 100 = $750.

Maximum loss: The net debit paid. $250.

Breakeven at expiration: Upper strike − net debit. $100 − $2.50 = $97.50.

When to Use a Bear Put Spread

A bear put spread works best when you're moderately bearish — expecting a decline of 2-5%, not a crash. It's also useful for hedging an existing long stock position with defined cost.

How spreads work →

Frequently Asked Questions

Related strategies

Long Put

Simpler — unlimited downside profit but higher cost.

Bull Call Spread

The bullish equivalent.