You're ready to sell a put credit spread. You know the stock, you've checked the IV percentile, you've decided on a short strike using delta. But then you face a decision that stops most traders cold:

How wide should the spread be?

Wide spread = more profit, but lower probability of max profit Narrow spread = safer, but cramped risk/reward

The answer isn't one-size-fits-all. It depends entirely on your days to expiration (DTE). A spread that's perfect at 45 DTE is reckless at 7 DTE. A spread that's conservative at 3 DTE is capital-inefficient at 21 DTE.

This guide gives you the exact framework for choosing spread width by expiration phase.

Compare different DTE ranges: Our Strategy Analyzer lets you filter by DTE and see how premium and probability change across expiration cycles—helping you pick the right spread width for your timeline.

The Core Framework: Width by Expiration Phase

Think of options trading in phases, not just as "30 days out." The mechanics of theta decay, delta acceleration, and gamma change dramatically as expiration approaches.

Phase 1: 45+ DTE (Long-Term Setup)

Theta decay: Slow and predictable
Delta acceleration: Minimal; your short strike delta is stable
Gamma: Flat (small daily price moves don't impact delta much)
Optimal width: $3.00-$4.00 per spread

Why wider works at 45+ DTE:

Theta is working slowly—you need more room to capture value
Delta acceleration hasn't kicked in—your short call won't suddenly jump $0.50
You have time to adjust if needed
Wider = captures more of the decay curve

Example: Put Credit Spread at 45 DTE

Stock: SPY at $450
Sell 430 put (delta 20)
Buy 425 put (delta 10)
Width: $5.00
Credit received: ~$0.45
Max profit: 9% ROC over 45 days (18% annualized)
Probability of max profit: ~65%

At 45 DTE, this width feels comfortable. You have nearly 7 weeks for theta decay. The probability is healthy. The ROC is reasonable.

Phase 2: 21-30 DTE (Peak Theta Window)

Theta decay: Accelerating rapidly
Delta acceleration: Starting to matter; delta curves steepen
Gamma: Increasing; price moves start to hurt
Optimal width: $2.00-$3.00 per spread

Why narrower works at 21-30 DTE:

Theta is peaking—theta decay happens fast enough that you can capture value with less width
Delta is accelerating—wider spreads get hurt faster by price moves (gamma risk)
You don't need as much room; the time decay is doing heavy lifting
Narrower = less capital at risk, lower breakeven

Example: Put Credit Spread at 30 DTE

Stock: SPY at $450
Sell 435 put (delta 20)
Buy 432 put (delta 12)
Width: $3.00
Credit received: ~$0.35
Max profit: 8% ROC over 30 days (27% annualized)
Probability of max profit: ~70%

Notice the annualized ROC jumps to 27%? That's theta peak. You don't need a $5 width; $3 is plenty.

Phase 3: 14-20 DTE (Peak Profit Realization)

Theta decay: Accelerating further; days passing = rapid premium decay
Delta acceleration: Pronounced; gamma is biting
Gamma: High; price moves hurt noticeably
Optimal width: $1.50-$2.50 per spread

Why even narrower is necessary at 14-20 DTE:

Gamma is now your enemy; wider spreads have higher short calls that blow past short strike faster
Theta decay is so fast you don't need width to make money
Every day that passes (not just theta) = rapid profit realization
Narrower spreads cap losses, essential when gamma risks rise
You're in the "harvest window"—take profits, manage risk

Example: Put Credit Spread at 14 DTE

Stock: SPY at $450
Sell 440 put (delta 25)
Buy 437 put (delta 17)
Width: $3.00 (but profit realized quickly)
Credit received: ~$0.35
Days remaining: 14
Expected return at 7 DTE (halfway through): Already 50-60% of max profit realized
Probability of max profit: ~75%

At 14 DTE, an aggressive trader might use a $2.00 spread instead. That width limits loss to $2 while potentially capturing $0.40-0.50 of premium.

Phase 4: 7-13 DTE (Rapid Profit / Rapid Risk)

Theta decay: Exponential; hours matter, not just days
Delta acceleration: Extreme; gamma is punishing
Gamma: Very high; price swings can flip winners to losers in hours
Optimal width: $1.00-$2.00 per spread

Why tighter control is critical at 7-13 DTE:

Gamma is the dominant risk; wider spreads blow through strikes
But theta decay is so fast that even narrow spreads profit rapidly
This is the "harvesting zone"—volatility can swing positions
Tighter width = cap losses in case of adverse moves
Most traders are exiting spreads in this zone, not entering new ones

Example: Put Credit Spread at 7 DTE

Stock: SPY at $450
Sell 442 put (delta 30)
Buy 440 put (delta 20)
Width: $2.00 (capped loss = $200/contract)
Credit received: ~$0.30
Days remaining: 7
Probability of max profit: ~80%
But price move of 2% could turn this into a loss

At 7 DTE, most professional traders would not enter new spreads. The gamma risk is too high relative to remaining time decay. Instead, they're closing existing spreads, taking 50-80% profits.

Phase 5: 3-6 DTE (Final Hours)

Theta decay: Explosive; hours = significant premium decay
Delta acceleration: Extreme; gamma is lethal to position management
Gamma: Very high; tight stop-losses essential
Optimal width: $0.50-$1.50 per spread (only for experienced traders)

Why entry-level traders should avoid 3-6 DTE spreads:

Gamma risk is extreme; $0.50 price move can flip winners to losers instantly
If you're wrong on direction, no time to recover
Professional traders dominate this zone (algos, market makers)
Bid-ask spreads widen as time tightens (hard to exit)
Only use if you have iron discipline and can close at first sign of trouble

Example: Put Credit Spread at 3 DTE

Stock: SPY at $450
Sell 446 put (delta 40)
Buy 444 put (delta 30)
Width: $2.00 (capped loss = $200)
Credit received: ~$0.15-0.25
Days remaining: 3
Probability of max profit: ~85%
But if SPY drops 1%, you could face a quick $1+ loss
This is an exit position, not an entry position

Width Selection by Strategy Type

Different spreads have different sensitivities to gamma. Here's how to adjust width for each:

Put Credit Spreads (Bullish/Neutral)

At 45 DTE:

Sell delta 20, buy delta 12
Width: $3-4
Capital risk: $300-400/spread
Max profit: $50-80/spread
ROC: 12-20%

At 30 DTE:

Sell delta 25, buy delta 15
Width: $2-3
Capital risk: $200-300/spread
Max profit: $40-60/spread
ROC: 15-25%

At 14 DTE:

Sell delta 30, buy delta 20
Width: $2-2.50
Capital risk: $200-250/spread
Max profit: $35-50/spread
ROC: 18-28%

At 7 DTE:

Sell delta 35, buy delta 25
Width: $1.50-2
Capital risk: $150-200/spread
Max profit: $20-30/spread
ROC: 15-20% (but in 7 days)

Call Credit Spreads (Bearish/Neutral)

Call spreads behave similarly to put spreads but with one key difference: assignment risk on early exercise.

At 45 DTE:

Sell delta 20, buy delta 25-30 OTM
Width: $3-4
Same framework as puts
Monitor for dividends (early assignment trigger)

At 30 DTE:

Sell delta 25, buy delta 35 OTM
Width: $2.50-3
Call spreads are slightly riskier than puts
Consider narrowing 0.25-0.50 compared to puts

At 14 DTE:

Sell delta 30, buy delta 40 OTM
Width: $2-2.50
Assignment risk is now meaningful (days to ex-dividend)
Monitor stock closely

At 7 DTE:

Sell delta 35-40, buy delta 45-50 OTM
Width: $1.50-2
High assignment risk; consider closing by 3 DTE
Don't let assigned shares surprise you

Iron Condors (Neutral)

Iron condors are two spreads (put spread + call spread). Width strategies differ:

Upper Call Spread (bearish/OTM):

Use same width as put spread
Less urgent; you're selling way OTM calls
Example at 30 DTE: Sell 460 call, buy 465 call (both $5 OTM)

Lower Put Spread (bullish/OTM):

Narrow slightly compared to call spread
Puts are more sensitive to downside gap risk
Example at 30 DTE: Sell 440 put, buy 435 put ($3 wide vs $5 calls)

Why the asymmetry?

Call spreads cap loss via upper short call
Put spreads can gap down hard in market crashes
Tighter put spreads = asymmetric risk management

Total Width for Iron Condor at 30 DTE:

Lower put spread: $3 wide (sell 440, buy 437)
Upper call spread: $4 wide (sell 460, buy 464)
Total profit potential: $50-70
Total capital risk: $300-400
Probability of max profit: ~70%

The Probability vs Profit Tradeoff: How Width Changes Probability

This table shows how width directly impacts probability of max profit:

30 DTE Put Spread on SPY (hypothetical)

Short Strike	Long Strike	Width	Probability of Max	Credit	ROC
435 (delta 25)	430 (delta 15)	$5	60%	$0.55	11%
435 (delta 25)	432 (delta 18)	$3	70%	$0.40	13%
435 (delta 25)	434 (delta 22)	$1	80%	$0.25	25%

Reading this table:

Wider = higher credit, lower probability
Narrower = lower credit, higher probability BUT better ROC per capital at risk
At 30 DTE, $3 width often sweet-spot for balanced risk/reward

DTE-Based Rolling Framework

What if you entered a wide spread and now it's 7 DTE?

You have three options:

Option 1: Close and Take Profit

Profitable spread at 7 DTE? Close it.
Theta is peaked; no reason to hold
Lock in 50-80% max profit
Reduce gamma risk, redeploy capital

Option 2: Roll to Wider Position

If still profitable, roll to 30-45 DTE
This resets your width strategy
Example: $3 wide at 7 DTE → roll to $4 wide at 45 DTE (new position, wider)
Captures some remaining theta, resets the clock

Option 3: Narrow the Spread (Adjustments)

If in trouble at 7 DTE, consider narrowing
Buy back short leg to reduce risk
Example: 435/430 put spread in trouble? Buy back 435 put, reduce loss
Convert to a smaller position, preserve capital

Best practice: If you entered a $4 spread at 45 DTE, close it by 14 DTE for 50-75% profit. Don't let the spread age into the gamma zone where you have to manage risk actively.

Common Width Mistakes

Mistake 1: Using Same Width Across All DTEs

Wrong: "I always sell $3 wide spreads"
Right: $3 wide at 30 DTE is different risk than $3 wide at 7 DTE
At 7 DTE, $3 wide is extremely tight (high probability)
At 45 DTE, $3 wide is conservative (leave money on table)

Mistake 2: Selling Tighter Than Strike Spacing

Wrong: Selling 430/429 spread (only $1 wide, can only make $1 max)
Right: Respect minimum width for your DTE
At 45 DTE: Minimum $2.50 wide
At 30 DTE: Minimum $1.50 wide
At 14 DTE: Minimum $1.00 wide

Mistake 3: Gamma Blindness at Close DTEs

Wrong: Entering new spreads at 3-5 DTE with $3-4 width
Right: If entering close to expiration, use narrow width and know you're harvesting theta only
At 3 DTE, $4 wide spread with price at short strike = disaster waiting

Mistake 4: Ignoring the "Probability vs Profit" Curve

Wrong: Always taking the widest spread for max credit
Right: Probability of 60% at 45 DTE often outperforms probability of 70% at 45 DTE
Higher probability = smaller profits, more trades to compound
Lower probability = larger profits, less freq trading
Both can work; pick your style

Mistake 5: Not Adjusting for Stock Volatility

Wrong: Same width for IV Rank 20% vs IV Rank 80%
Right: Higher IV = wider spreads (premiums are fatter)
Low IV environment: Narrow your spreads slightly (premiums tighter)
High IV environment: Can go wider (more credit available)

Quick Reference: DTE Width Framework

Save this table for your trading:

DTE Range	Put Spread Width	Call Spread Width	Iron Condor Width (put/call)	Entry Probability	Best Action
45+	$3.50-4.50	$3.50-4.50	$4/$5	55-65%	Enter new positions
30-44	$2.50-3.50	$2.50-3.50	$3/$4	65-75%	Enter or roll existing
21-29	$2.00-3.00	$2.00-3.00	$2.50/$3	70-78%	Peak profit zone
14-20	$1.50-2.50	$1.50-2.50	$2/$2.50	75-82%	Harvest profits
7-13	$1.00-2.00	$1.00-2.00	$1.50/$2	80-85%	Close/harvest only
3-6	$0.50-1.50	$0.50-1.50	$1/$1.50	85-90%	Final hours; close only

Platform Integration: Using Interactive Brokers

If you're using Interactive Brokers (recommended for spreads):

Enter spread order: IB allows multi-leg orders
Set width: Order entry will show your max profit at your chosen width
Monitor Greeks: Use Trader Workstation to see spread delta, gamma by DTE
Plan exits: Set alerts at 50% profit level and 14 DTE reminder

IB Example: Selling SPY 430/427 put spread

IB shows: Max profit $300, max loss $300 at wide width
Narrow to 430/429: Max profit $100, max loss $100
Choose based on your DTE phase and account size

Bringing It Together: Your Personal Width Protocol

Identify DTE phase (45+, 30-44, 21-29, 14-20, 7-13, 3-6)
Select width from the reference table above
Calculate probability using your broker's Greeks estimates
Check IV percentile (adjust width up in high IV, down in low IV)
Enter position with clear exit plan
Set close reminder at 50% profit or DTE threshold
Track performance across spreads

By matching width to DTE, you're not fighting the Greeks—you're dancing with them.

The width you choose today determines your profit tomorrow. Choose wisely.

Credit Spread Width Selection: DTE-Based Decision Framework